This article is written by Anupam Varshney. Anupam is co-founder of Bitcoinprice.com and has covered Bitcoin situation in various countries, including India, South Africa, and Canada.

Factors behind Bitcoin’s unprecedented rally. With a price increase from $5,732 on October 28th to $7,457 on the 8th of November, Bitcoin has definitely been attracting a lot of media attention this past week, given its unprecedented bullish rally.

Bitcoin doubters throughout the world are left baffled by the recent price increases. Following a multitude of negative comments from industry leaders, central banks and governments, the price still managed to increase. Many are now wondering, why is the market so optimistic?

In this article, we will attempt to explain some of the main factors behind the digital currency’s recent price surge.

China trading rumours spread

Not long ago, China decided to crack down on digital currency exchanges by forcing them to suspend their services. This has led to the demise of China as the world’s leading country by trading volume. As expected, most of the exchanges operating within its territory advised users to withdraw their funds and stopped providing exchange services.

Trading volumes then headed out to other countries, such as South Korea, Singapore and Japan, thanks to their friendly bitcoin regulation for businesses. However, recent reports have indicated that China may be preparing to once again allow trading within its territory, on stricter regulation. While there is no official word on the matter from government officials, many believe that this may have been one of the factors behind the recent rally.

The CME Group introduces bitcoin futures contracts

Having the world’s biggest derivatives operator announce that they are preparing to launch Bitcoin futures contracts is definitely big news. This would bring institutionalized investors to the world of digital currencies, and hence lead to more capital being invested in Bitcoin.