Bitcoin Pulls Back After Reaching New Record Highs Above $17,000
Investing.com - Bitcoin pulled back on Friday after climbing to another record high above $17,000 overnight, as investors continue to bet that demand for the popular digital currency will surge with the launch of bitcoin futures expected before year-end.
On the U.S.-based Bitfinex exchange, (Bitcoin) was down 10.14% at $14.890 by 09:15 a.m. ET (13:15 GMT), after climbing to a new all-time high of $17,160 overnight.
The optimism in Bitcoin comes amid expectations that bitcoin exchange-traded-funds will follow the launch of Bitcoin futures, which many believe paves the way for bitcoin to become an established asset class, which would spur institutional demand.
Cboe Global Markets Inc. said on Monday that it will start trading Bitcoin futures on Decemner 10, after receiving the go ahead last week from US futures regulator Commodity Futures Trading Commission (CFTC).
The news came after CME Group (NASDAQ:CME) announced last week that it would launch Bitcoin futures on December 18.
Among other cryptocurrencies, Bitcoin Cash jumped 11% to $1,367, while Bitcoin Gold gained 9.10% to $235.07.
Ethereum, the second largest cryptocurrency by market cap, was up 6.85% at $462.03.
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