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A visual representation of the digital Cryptocurrency, Bitcoin on October 24, 2017 in London, England.
Bitcoin surpbaded $6,500 on Wednesday to hit a new record high after the CME announced plans to launch bitcoin futures later this year.
The price of the cryptocurrency hit a high of $6,552.11 just hours after breaking through the $6,400 barrier, according to data from industry website CoinDesk. Its market capitalization, or the total value of bitcoin in circulation, hit $109 billion.
On Tuesday, U.S.-based exchange CME said it would introduce bitcoin futures contracts this quarter, subject to regulatory approval.
“We’ve been working with the regulator. They understand our application. And they understand our model very, very well,” Terry Duffy, CME Group chairman and CEO, told CNBC.
The introduction of such a product could bring more institutional investors into the market. It’s believed that this is helping to boost the price.