Markets

Bitcoin is closing in on $7,000

Just over 24 hours after it passed the $6,500 mark, bitcoin closed in on another psychologically significant level this morning, edging closer to $7,000.

The cryptocurrency hit $6,971 in early trading, up more than per cent, as it continued to climb following the announcement by US exchange operator CME Group that it will launch Bitcoin futures by the end of this year.

That means the cryptocurrency has now climbed almost 600 per cent since the beginning of the year, when it was just under $1,000.

"With CME announcing on Tuesday that it will launch Bitcoin futures later this year, some scepticism over Bitcoin was rinsed away, consequently boosting its allure to market players," said Lukman Otunuga, research analyst at FXTM.

"It is simply remarkable how resilient Bitcoin has been in the face of significant negativity… The price action suggests that bulls have a very firm grip."

Kathleen Brooks, a research director at City Index, added that the lack of regulation governing bitcoin could be adding to its popularity.

"Bitcoin is not controlled by capricious central banks or government administrations, and in this environment that is an attractive quality to have."

Read more: Don’t let bitcoin bubbles blind you to the wonders of smart ledger tech

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