Bitcoin Soared above $7,000 for the first time

Update: Bitcoin’s price passed $7,000 soon after 10:00 UTC, and has reached a record high of $7,034.14 so far today. Isn’t that amazing?

The price of bitcoin broke through $7,000 for the first time in trading today, pushing the cryptocurrency’s gain so far this year to well over 600%.

The most recent explanation for the seemingly unstoppable bull run is that the world’s largest futures exchange said it will create bitcoin futures, which could entice Wall Street heavy hitters and eventually move the digital asset into mainstream institutional portfolios.

Spot pricing for bitcoin climbed as much as 7.1 percent to a high of $7,045.46 before pulling back slightly to $6,977.40 at 9:27 a.m. in London. The cryptocurrency is up as much as 640 percent this year and is now worth more than $100 billion.

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Asked whether he’s concerned about a potential bubble, CME Chief Executive Officer Terry Duffy said on Bloomberg TV on Nov. 1 that the firm’s job is to “manage risk, not decide what the price of a product is.”

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