Cambridge Global Payments director of global product and market strategy Karl Schamotta said that move was behind the latest rally: "The perception in households around the world that the CME and the CBOE are providing legitimacy to Bitcoin is really what is driving the massive rally here". Today, it has appreciated by the same amount in less than 24 hours. Many argue that this is partly responsible for the recent surge in the price of bitcoin. Bitcoin's rise in value in 2017 is unprecedented.
But those declines didn't stop the overall market valuation for cryptocurrencies from pushing past the $400 billion mark.
The cryptocurrency continues to astonish investors around the globe by exponential rise in 2017. It is aimed at making the cryptocurrency more scalable and democratic. "That's what's needed, and it needs to be done by the Federal Reserve, the SEC, and the Bank of England and the European Central Bank at the same time".
Wall Street banking giant JPMorgan is reportedly mulling the idea of helping clients tap into the potential bitcoin futures market being prepared by the Chicago Mercantile Exchange (CME).
Davies might have a point.
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Davies agreed with the brokerages' concerns that exchanges which are set to offer bitcoin futures and options have failed to get enough feedback from market participants on margin levels, trading limits, stress tests and clearing.
For those still looking to invest in bitcoin, there is some good news.
Quelenn said "sheer greed" would be responsible for the surge.
Despite Mr Dinon's adversity towards the new mediums of exchange, JP Morgan is in the process of developing its own algorithm, Quorum based upon blockchain technology alongside Bitcoin competitor, Ethereum. Investors can bet that bitcoin is overvalued and turn a handsome profit.
This has also sparked controversy from the establishment in fact even the US Senate is considering drafting a bill to outlaw the concealment of ownership of digital currency accounts, which could threaten Bitcoin. "Just watch the fireworks", he said.