Bitcoin soars past $7,000 for first time

By Ovunc Kutlu

NEW YORK (AA) - Bitcoin touched a new all-time high Thursday, extending its bullish streak on news the world’s largest derivatives operator will introduce futures contracts for the digital currency.

The value of the cryptocurrency rose 9.7 percent in a single day to reach as high as $7,445.

It took only 13 days for Bitcoin to reach the $7,000 threshold and eight days to climb above the $6,000 mark from $5,000, according to data on investing.com.

Its sharp climb comes after the CME Group announced Tuesday it would begin offering bitcoin futures contracts in the fourth quarter.

CME Chairman and CEO Terry Duffy said the decision was driven by “increasing client interest in the evolving cryptocurrency markets”.

Bitcoin’s value has now risen 21 percent since the beginning of this week and 665 percent year-to-date.

Bitcoin is a form of digital currency created and held electronically. It is decentralized without a central administrator and is currently not listed on any of the world’s major exchanges.