The value of Bitcoin jumped to an all-time high above $6,300 (£4,754) on Tuesday after the world’s largest futures market operator CME Group Inc (NASDAQ:CME) said it would launch a regulated trading venue for cryptocurrencies in the fourth quarter of 2017.
The Nasdaq-listed company said the new futures contracts will be settled in cash, based on the CME ‘CF Bitcoin Reference Rate’ - a once-a-day reference rate of the US dollar price of bitcoin.
According to trade website Coindesk’s price index, which aggregates the prices quoted across several exchanges, the price of a bitcoin jumped to as high as US$6,342.99, up 3.6% on the day.
Bitcoin has surged in value by around 555% so far this year despite criticism of the crypocurrency by the likes of JPMorgan Chase & Co (NYSE:JPM) boss, Jamie Dimon, and a clampdown on trading of them in China.
In August, the Chicago Board Options Exchange, the largest US options exchange, said its CBOE Futures Exchange planned to offer cash-settled bitcoin futures in the fourth quarter of this year or sometime in early 2018.