Bitcoin up double-digit percent, beyond $7000 mark, with global use rising
| • Touches all-time high level near $7300 mark.
• Highly overbought conditions warrant consolidation.
Digital currency bitcoin surged through $7000 mark and jumped to an intraday record high level of $ 7315 on Thursday.
The world largest crypto-currency has seen more than seven-fold rise in its value since the start of this year and has more than doubled in the past seven weeks alone. The latest leg of upsurge could be attributed to news earlier this week that CME Group, the world's largest derivatives exchange operator, plans to launch bitcoin futures in the fourth quarter.
The announcement supported the view that entry into the futures market on the CME would attract the attention of institutional investors and help the popular currency to extend its rally.
The buying interest seems to have subsided a bit, for the moment, with the currency now consolidating strong gains around $7000 mark amid highly near-term overbought conditions.
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