Investing.com – Bitcoin remained close to record highs as growing expectations that the launch of bitcoin futures will spur institutional demand for the popular digital currency continued to lift sentiment.
On the U.S.-based Bitfinex exchange, bitcoin rose to $9558.2, up $242.2, or 2.60% after rising to an all-time high of $9771 overnight. Bitcoin’s market cap rose to $161.59 billion.
The positive optimism on bitcoin comes amid signs of rising institutional demand as JPMorgan (NYSE:JPM) said last week it was considering whether to provide its clients access to bitcoin futures following the CME Group’s plan to introduce bitcoin futures before the end of the year.
"Effective Sunday[,] 10 December 2017 for trade date Monday[,] 11 December 2017, and pending all relevant regulatory review periods, please be advised that CME will launch Bitcoin Futures." The CME Group (NASDAQ:CME) noted on its website last week.
The CME group’s announcement has fuelled investor hopes that bitcoin exchange-traded funds will follow the launch of bitcoin futures, which would further add to institutional demand, extending the rally in bitcoin.
Bitcoin cash fell 6.24% to $1,612, while bitcoin gold rose 0.67% to $370.45.
Ethereum, the second largest cryptocurrency by market cap, rose 0.50% to $471.55, as Ethereum founder Vitalik Buterin revealed plans, which if successful, could see Ethereum reach VISA-level scalability in the next 3-5 years.