Cboe bitcoin futures open for trading

Futures Market Heralds a New Era of Trading for Bitcoin and Cryptocurrencies

Once the news was released from Cboe Global Markets, a top U.S owner of financial exchanges, their website tweeted that they were experiencing "heavy traffic". But it said the trading in the futures had not been disrupted. The entrance of regulated exchanges enables professional investors who have been unwilling to do business on the unregulated platforms where bitcoin now trades to place bets on bitcoin's price.

The Futures Industry Association, which represents the likes of Goldman Sachs and Morgan Stanley, wrote to the US Futures regulator last week warning that the creation of Bitcoin Futures had been rushed. And unlike traditional currencies, there isn't a central bank that backs bitcoin.

Bitcoin futures have advanced further in overnight trading.

A token of the virtual currency Bitcoin is seen placed on a monitor that displays binary digits in this illustration picture, December 8, 2017. On Coinbase Inc.'s GDAX exchange, prices zoomed up to nearly $20,000 from $16,000 in only about 90 minutes - then crashed back down. However, there's a lot to still be cautious about.

"I refuse to use the word legitimate, but it's probably moved out of the shadows into the open", he said. It is positive that the market has allowed the introduction of a government backed exchange proving that bitcoin is more than just a bubble and needs to be taken seriously.

Cboe, however, has stated that it is keen to continue working with the CFTC in order to monitor and foster the growth of the bitcoin futures market.

"Of course that's incredibly risky but, the more that the price goes up, more people don't think the price will go down".

Shares LLC and Van Eck Associates Corp are both proposing bitcoin funds that would use futures to gain access to the market instead of investing directly in them. This means they aren't actually buying and selling off their own currency, simply betting on how much its value will increase or decrease.

Canada's CBOE has stated that any trading on Bitcoin will be suspended if the price rises or falls by 10%.

The CBOE futures don't involve actual bitcoin.

Subsequent reports show that CBOE's self-imposed circuit-breakers - which pause trading during big price swings - have activated in the hours since the futures trading went live.

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