Bitcoin hit $6396 after CME Group will launch futures product

Bitcoin hit an all-time high after CME Group Inc. said it will launch its bitcoin futures product in the fourth quarter of this year. The Chicago-based derivatives market operator said new futures contracts will be settled in cash based on the CFE 'CF Bitcoin Reference Rate'.

Tinuku Bitcoin hit $6396 after CME Group will launch futures product

CME Group has announced plans to launch bitcoin futures products in the fourth quarter of this year, although the exact release date has not been announced. CME CF Bitcoin Reference Rate is an index launched in November 2016 in partnership with London-based Crypto Facilities.

Bitcoin prices soared as high as US$6396 according to which combine prices quoted on several exchanges. On the Luxembourg-based Bitstamp stock exchange, bitcoin rose as high as US$6,351 or up nearly 4 percent on the day. Bitcoin has risen about 555 percent this year.

"Increased client interest in the growing cryptocurrency market prompted us to introduce bitcoin futures contracts. As the world's largest FX market, the CME Group is a natural home for new awareness that will provide investors with transparency, price discovery and risk," said CME CEO Group, Terry Duffy.

Recently new financial product development kriptocurrency has hit the debate, especially involving derivative contracts. LedgerX has moved to serve some interest and demand in this product. Established companies like CBOE also want to launch similar derivatives.

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