Wednesday saw an all-time high for the bitcoin price, setting a new record at $6500.00 at the time of writing. Bitcoin has been continually posting record highs of late, breaking through $5,300 level. Yet, Wednesday’s rise appears to be a new record. This is basing on the price of bitcoin across the US, Japan, South Korea, and Europe.

Traders suggest this jump was because of news that the exchange operator CME Group was planning to introduce bitcoin futures.

This year the bitcoin price rise has been driven by increasing mainstream adoption and awareness of bitcoin and cryptocurrencies more generally. At least 55 cryptocurrency hedge funds have sprung up this year. And, many of them are focusing on bitcoin.  The Bitcoin price has been rising by over 500% against the dollar this year. However, traders suggest that the main factors affecting Bitcoin surround the Chinese government. The possibility of the Chinese government resuming cryptocurrency trading after the reelection of President Xi Jinping later this year. And, the strong performance of the Japanese market that has contributed to the price surge of bitcoin over the past weeks.

Bitcoin traders are also speculating that this week’s bull run is partly helped by a new coming “fork” in bitcoin’s underlying software.

Differing predictions come from economists. But, now may be a good time to report that bitcoin has had a great year. Sure, there have been some ups and downs. Yet, Bitcoin has been the clear winner. Furthermore, there have been increasing uses of bitcoin as legal tender around the world. This trend would lead to hundreds of billions of dollars allocated into bitcoin in the upcoming years. It will allow bitcoin to achieve new highs.

This article is third-party analysis. It does not constitute any financial advice, which can only be provided by a certified financial adviser.

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  1. Pingback: Bitcoin Breaks Yet Another Record | Bullion Exchanges Blog

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