Bitcoin is still booming.
Bitcoin’s value sits at $6,991 as of Thursday morning after dipping from a record high of $7,355. The rise follows news that the world’s largest derivatives marketplace operator, CME Group, will start offering Bitcoin futures in response to client demand by the fourth quarter this year. Analysts believe the move will bring wealthy mainstream institutions on board.
“Futures from an incumbent exchange bring bitcoin and cryptocurrencies into the regulatory fold,” Charles Hayter, CEO of Crypto Compare, told CNBC. “This allows more complex financial products to be created and will eventually open the doors to institutional money.”
The latest spike in value brings Bitcoin’s yearly gain to well over 600 percent.