See Why Bitcoin Price Reached ₦2.56Mln ($7,000)

This week, Bitcoin price, on its usual upward trajectory, barely blinked since it smashed through the ₦2.56Mln  ($7,000) mark. The Bitcoin community obviously celebrated since the king of digital currencies shows no sign of slowing, but what exactly is behind this latest rally?

The largest factor behind the rally was the announcement of Chicago Mercantile Exchange's decision to provide Bitcoin futures.
Firstly, what's a Bitcoin future and exactly why is it causing this kind of buzz on main street, Wall Street, along with on the Bitcoin price.

Banking on what lies ahead

Futures are an important section of mainstreet trading and investing; however they're also reserved for more steady and less volatile assets. Now, with this particular decision, Bitcoin has been legitimized somewhat, and that's again piqued Wall Street's interest.
Wall Street, despite their divide and their clashing of ideologies, still comes with an important role to play in Bitcoin price since the financial bastion shows their influence before.
In a youthful rise, coming following the Aug. 1st fork, Bitcoin hit a huge rally that has been caused by Wall Street flooding into Bitcoin once heat was removed from the so-called ‘civil war.'
Now, this move by the CME has again given Wall Street more reason to place faith in Bitcoin and thus the demand has skyrocketed, combined with price.

Still in its infancy

Bitcoin's step into mainstream trading, however, can be a poignant reminder that the digital currency continues to be in diapers in regards to institutionalized trading and investing.
Large-scale mass adoption in trading features a long approach to take as there's still room for ETFs, which will really open things up, but that's a considerable ways off still.
The SEC has maintained their position on a Bitcoin ETF, stating it is not on the cards while they continue to view its volatility and nature.

Spike and drop

Bitcoin's rally reached as high as $7,300, but quickly fell over $500 in a mini-correction. However, it's leveled off again over $7,000.
Within the world of Bitcoin that will not look like a huge swing, it's those moves that the SEC does nothing like the appearance of.
The SEC noted that Bitcoin had “fundamental flaws” that managed to get a “dangerous asset class to force into a trade traded structure.”

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