Bitcoin close to $20,000 | Reaches new Price High of $19,700
The price of bitcoin has increased once again, reaching a new high. It has actually grown to $19,700, up to 9%. This means that the price of bitcoin is most likely going to hit $20,000 in a few days.
One of the main reasons for this high growth is believed to be linked to the fact that the CME is going to launch its bitcoin futures, and the market showed optimism towards this evolution.
The CME's bitcoin futures listing is going to take place on December 18. This comes after the positive reaction of the market in response to the launch of bitcoin futures on the Chicago Board Operations Exchange.
Bitcoin closer to $20,000 price
Several investment companies and financial institutions have shown interest in bitcoin and the new bitcoin futures, so there is no wonder that the price of bitcoin has grown so much. And surely is getting closer to $20,000, even without a significant institutional money investment in the bitcoin market.
In the past few days, the daily trading volume of bitcoin has grown to $17 billion. This includes exchanges from the US, Japan and South Korea.
The launch of bitcoin futures by CME and the Chicago Board Operations Exchange will definitely enable institutional investors and retail traders to invest high sums of money in bitcoin.
Huge banks such as Goldman Sachs and JPMorgan are also expected to clear bitcoin futures on behalf of their clients. How is everything going to impact the price of bitcoin is something that will be confirmed in the next few days.
Several analysts, including the global markets strategist for JP Morgan, Nikolas Panigirtzoglou, said that bitcoin futures will actually give bitcoin more legitimately and will help the cryptocurrency become a more acceptable way to store value.
In time, this might even mean that bitcoin will be able to compete against traditional assets such as gold. Furthermore, Panigirtzoglou said that cryptocurrencies have a lot of potential to further grow.