$9,771: What’s Driving Bitcoin Price to New All-Time Highs?

Tthe bitcoin price achieved a new all-time high for the second time in the past 24 hours, surpassing $9,771 and moving closer towards $10,000.

Yesterday, on November 26, CCN reported that the price of bitcoin established a new all-time high at $9,060. Within 24 hours, the price of bitcoin increased from $9,060 to $9,771, by nearly $700 overnight.

Since surging to $9,771, the bitcoin price has stabilized in the $9,550 region. Short-term indicators such as the Moving Average Convergence Divergence (MACD) demonstrate strong short-term momentum for bitcoin, and analysts such as Max Keiser and billionaire investor Mike Novogratz expect the bitcoin price to surpass $10,000 within this year.

The CME Group bitcoin futures exchange launch is imposing a similar impact the bitcoin ETF had on the global bitcoin market in March. The difference between the March bitcoin ETF anticipation and the CME Group bitcoin futures exchange hype is that the latter is guaranteed, given that another bitcoin options exchange in LedgerX has already been approved and regulated by the US Commodities and Futures Trading Commission (CFTC).

To better understand the impact the emergence of government-regulated bitcoin futures exchanges will have on the global bitcoin market and the liquidity of bitcoin, it is important to acknowledge the fact that it is difficult for casual investors and new traders to trade and invest in bitcoin due to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations

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