Today Bitcoin surged past ₦5.096 mln ($14,000) level, topping out at ₦5.241 mln ($14,400) for a ₦910k ($2,500) gain within a day. This makes today the biggest one-day gain in the annals of the currency. To place it in perspective, today Bitcoin's price increased by more twice around it's 2013 all-time a high of ₦400K ($1,100). One Bitcoin is now able to buy significantly more than 11 ounces of pure gold.
It's about the futures, baby
The buy price is probably being driven by news of the imminent launch of Bitcoin futures trading. CBOE will undoubtedly be launching their futures market this coming Sunday, December 10, with CME Group on December 18. Nasdaq plans to launch futures trading in summer time of 2018 and Japan's Tokyo Financial Exchange is preparing to launch futures trading as well.
Bloomberg has announced that brokerage firms TD Ameritrade and Ally Invest will undoubtedly be offering Bitcoin futures trades for their clients. Even J.P. Morgan Chase may follow suit, despite CEO Jamie Dimon's infamous views on the digital currency.
GDAX leadingGDAX, Coinbase's digital currency exchange, has been leading the rally all day. The purchase price on GDAX is about $500 in ahead of other Western Bitcoin exchanges. The likeliest - and most bullish - explanation is that Coinbase is the simplest way for new Bitcoin investors to get involved. Consequently, when GDAX leads the charge because it has today, it probably means new “retail” investors are fueling the rally.
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