Markets

Bitcoin futures soar in first hours of trading

Bitcoin futures soar in first hours of trading

Trading of futures tracking the cryptocurrency is set to begin at 18:00 ET on Sunday on an exchange run by Cboe Global Markets, less than 10 days after receiving a green light from the Commodity Futures Trading Commission.

The price of Bitcoin remained low as investors awaited the launch of trading of the first USA bitcoin futures later on Sunday.

The website downtime - which CBOE attributed to significant traffic around the futures launch in a post on Twitter - coincided with a sudden surge in the price of bitcoin, which jumped from $14,509 at 22:59 UTC to $15,732 at 23:06 UTC according to CoinDesk's Bitcoin Price Index (BPI). They're securities that will track the price of bitcoin on Gemini, one of the larger bitcoin exchanges. CBOE's is the first to be traded on a major regulated exchange in the US, and it's set to be followed next week by CME Group, which has announced that it will launch its own products on december 18.

The CBOE futures don't involve actual bitcoin. In terms of bitcoin, that gives a contract holder the ability to buy or sell bitcoin at a set price in the future, meaning that in theory, it takes away some of the speculation surrounding bitcoin by locking in projected future prices, although naturally only for those trading in the futures themselves.

Nacho revels in Real Madrid's Sevilla thrashing as Ronaldo rediscovers Liga spark
Madrid got the job done inside 42 first-half minutes, with Nacho , Achraf Hakimi and Toni Kroos also getting in on the goals to provisionally cut the gap on Barcelona to eight points.

The price of a bitcoin began the year below $1,000. In an interesting twist, Forbes reports that Torsten Slok, Deutsche's Bank's chief worldwide economist has issued a warning to clients warning not only will the bitcoin bubble burst in 2018, its crash will also impact the global economy.

This was still far short of its highs of Dollars 17,000 on other non-regulated online platforms last week.

Traders are excited about getting access to bitcoin, but investors should understand that buying bitcoin futures is not the same as investing in bitcoin.


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