Bitcoin Price Hits New All-Time High, Many Factors Tied To Recent Surge

November 1, 2017 4:28 pm Published by

Bitcoin prices smashed through another ceiling Wednesday as the cryptocurrency surpassed the $6,600 mark on a global average, the third such all-time high in the past week, reported.

Major BTC-to-USD exchanges such as Bitfinex and GDAX recorded a daily peak at $6,592, while cryptocurrency trading platforms in other major regions like Japan and South Korea recorded trades above the $6,600 mark, the report said.

Based on the price of bitcoin across the U.S., Japan, South Korea, Hong Kong and Europe, the report said, several trusted global bitcoin market data providers including BraveNewCoin revealed bitcoin price achieved a new all-time high at $6,609 in global average.

The price surge has been attributed to both minor and major factors by experts this week. Among the minor factors, the report said, are rumors surrounding the possibility of the Chinese government resuming cryptocurrency trading after the reelection of President Xi Jinping later this year, the decline in support for the SegWit2x hard fork in November and the strong performance of the Japanese market.

Major driving factors behind the recent rally of bitcoin include the integration of bitcoin by CME – the largest options exchange in the world, not just domestically within the US, entrance of large-scale institutional investors in the bitcoin market and the movement of capital on “the sidelines” to bitcoin.

IamNomad, a highly regarded bitcoin trader and commentator said: “For crypto kids confused on why CME [bitcoin futures launch by CME Group] is a big deal, this is how the ‘money on the sidelines’ you’ve heard about for years starts to enter. One big product on CME has more volume then (almost) any two bitcoin exchanges at any given time.”, Jack Durschlag

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