Bitcoin surges to $17000 after start of futures trading

Bitcoin surges to $17000 after start of futures trading

Bitcoin surges to $17000 after start of futures trading

The futures were launched on the CBOE under the XBT ticker symbol, and the new contract expires in January. In 2017, bitcoin jumped more than 1,000pc in value and, according to CNBC, it briefly broke above $19,000 on the Coinbase exchange last week before dipping back down.

The start of trading at 5 p.m. CST overwhelmed the CBOE website. The Futures Industry Association, a trade association that represents Wall Street banks, brokerages and clearinghouses, sent a letter to the Commodities Futures Trading Commission this week, saying the institutions should have been consulted before trading in bitcoin futures was approved. At 1:30 a.m. central time (0730 GMT) the futures contract that expires in January was trading at $18,590. The contract opened at $15,000, according to data from the CBOE.

The price of a bitcoin has soared since beginning the year below $1,000, hitting a peak of more than $16,858 December 7 on the bitcoin exchange Coindesk.

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Bitcoin surges to $17000 after start of futures trading

Another large futures exchange, the Chicago Mercantile Exchange, will start trading its own futures on December 18 but will use a composite of several bitcoin prices across a handful of exchanges. As of 1:15 a.m. CST, it was at $16,733.49 on Coindesk. Prices rose from $15,460 to $16,000 in the first few hours of trading.

A person familiar with the matter said JPMorgan Chase will not allow clients access to the futures on the first trading day, and will make an evaluation after that based on how trading goes.

The move is expected to be followed next week, state media reports, by a listing on the rival Chicago Mercantile Exchange. The NASDAQ is planning to launch bitcoin futures in 2018.

Читайте также: Bitcoin futures soar then settle after debut

The first-ever bitcoin future jumped after it began trading Sunday as the increasingly popular virtual currency made its debut on a major US exchange.

Bitcoin is a digital currency that has exploded in popularly and volatility this year.

According to executives from the firm, CBOE is hoping that the futures launch will lead to other products and services centered around cryptocurrencies, including a possible shift into exchange-traded funds and notes - provided that the SEC gives its approval. "I think you'll see a robust market as time plays out", said Joe Van Hecke, managing partner at Chicago-based Grace Hall Trading LLC, as quoted by Bloomberg.

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