BITCOIN LIVE: Latest updates and news on the price of bitcoin cryptocurrency
Bitcoin traders saw an incredible uptick in the value of the cryptocurrency on Tuesday after futures market giant CME announced its plans to support BTC.
Terry Duffy, CME CEO, in a statement: “Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract.”
The cryptocurrency token rose to an all-time high today, peaking so far at $6,415.28 (£4,830.71) at around 2.35pm GMT, according to Coindesk.
The bitcoin token opened on the markets $6,121.80 ($4,609.72) and has so far reached a low of $6,089.47 (£4,585.98), as of 6.41pm GMT.
Coindesk tracks the latest bitcoin price in real time, which you can see in the interactive widget below.
This live blog has now closed. Click here for the latest Bitcoin price live updates.
Wednesday November 1
6:00am A Philidephia trader charged with fraud allegedly used Bitcoin to conceal his activities.
1:15am: Alex Morcos, who is a co-founder of Chaincode Labs defines bitcoin as a “decentralised incorruptible censorship-resistant money”.
Bitcoin price: Some experts are predicting Wall Street will aim to legitimise and regulate bitcoin
Tuesday October 31
7.30pm: ‘Predictable’ Wall Street will pass laws to accommodate bitcoin, claims expert
Max Keiser, a financial expert and host of the Keiser Report, thinks that the CME’s decision was a predictable move.
He tweeted: “As predicted. (Wall St. is predictable). Laws will be created, changed to accommodate these new HODL’ers of #Bitcoin. There is no top.”
Mr Kaiser also recently predicted that the cryptocurrency will have no problem topping $10,000 (£7,526) in the near future.
In a tweet on Sunday, he said: “30,000 new #Bitcoin wallets a day. ETF coming soon. Wall St. just getting started. Regulators waking up to their impotence. Hello $10,000!”
Bitcoin LIVE: The concept of bitcoin was penned nine years ago by Satoshi Nakamoto
7pm: Bitcoin celebrates 9th birthday with incredible results
Exactly nine years ago, on October 31 2008, Satoshi Nakamoto penned the monumental “Bitcoin: A Peer-to-Peer Electronic Cash System”.
In the paper the anonymous bitcoin creator, or group of programmers, outlined his vision for a decentralised peer-to-peer electronic currency.
The paper states: “Bitcoin a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.
Bitcoin was then officially launched on January 3, 2009.
Bitcoin price live: The cryptocurrency reached an all time high on Tuesday
6.30pm: Russia is going all-in on bitcoin with one massive swoop
After formally denouncing bitcoin as an illegitimate currency and passing legislation to criminalise the possession of bitcoin, Russia has seemingly had a massive change of heart.
A company co-owned by Vladimir Putin’s internet advisor is looking towards gathering a staggering $100 million (£75.2 million) worth of the cryptocurrency, according to reports.
Vice News said the Russian Government is pushing forward a rapid drive to digitise the economy.
Andrei Barysevich, researcher at Recorded Future told VICE News:News: “It is not because of the convenience of the technology, it is purely because they want to be controlling the technology and making huge profits out of it.”
3.30pm: Bitcoin’s arrival on the futures market is hotly contested subject
Joe Saluzzi, a principal at Themis Trading, expressed his grave concern about the move to approve bitcoin by the CME, comparing it to the financial crisis of 2008.
In a series of tweets, he said: “Apparently, the CME doesn’t care about the underlying bitcoin markets and the potential for fraudulent and manipulative acts.
“Placing a ‘futures’ market wrapper on an unregulated market to generate volume seems like a profit-oriented motive.
“Remember the CDO wrapper around all those crappy mortgages during the financial crisis? Placing a wrapper doesn’t make it safe.”
3pm: Bitcoin trajectory is ‘remarkable’ claims expert, but not mainstream just yet
Jordan Hiscott, chief trader at Ayondo Markets, praised the recent surge in bitcoin price but is wary on just how much more credible the cryptocurrency is because of this.
“Bitcoin’s success from an investment perspective continues as the cryptocurrency reaches yet another high.
“Up over 500% just this year, to a new limit of $6,252, the asset’s trajectory is nothing but remarkable. Weekend trading in bitcoin is statistically more volatile than activity during the week, and this seems the initial catalyst for the move up, before sustaining itself early on Monday morning.
“It’s becoming somewhat repetitive to discuss new highs for the asset, as they occur so regularly. But does the increase in its market value, now to more than $100 billion, give it more credibility?
“I’m not certain on this, however, awareness of the asset has never been greater.
“Data from Google Trends confirms that searches for the term ‘bitcoin’ are nearing all-time highs, but whether this means the product will become more mainstream is yet to been seen.”
3pm: Sebastian Kettley starts live reporting.