Today Bitcoin surged past the $14,000 level, topping out at $14,400 for a $2,500 gain in a single day. This makes today the largest one-day gain in the history of the currency. To put it in perspective, today Bitcoin’s price increased by more twice as much as it’s 2013 all-time high of $1,100. A single Bitcoin can now buy more than 11 ounces of pure gold.

It’s about the futures, baby

The price is likely being driven by news of the imminent launch of Bitcoin futures trading. CBOE will be launching their futures market this coming Sunday, December 10, with CME Group following on December 18. Nasdaq plans to launch futures trading in the summer of 2018 and Japan’s Tokyo Financial Exchange is preparing to launch futures trading as well.

Bloomberg has announced that brokerage firms TD Ameritrade and Ally Invest will be offering Bitcoin futures trades to their clients. Even J.P. Morgan Chase may follow suit, despite CEO Jamie Dimon’s infamous views on the digital currency.

GDAX leading

GDAX, Coinbase’s digital currency exchange, has been leading the rally all day. The price on GDAX is currently about $500 ahead of other Western Bitcoin exchanges. The likeliest - and most bullish - explanation is that Coinbase is the easiest way for new Bitcoin investors to get involved. Consequently, when GDAX leads the charge as it has today, it probably means new “retail” investors are fueling the rally.