Tuesday, 17 July, 2018

Bitcoin Futures Launch Creates Uncertainty for Investors After an Intense Week

SINGAPORE-INTERPOL-INTERNET-CRIME Bitcoin surged almost as high as $13,000 yesterday
Guillermo Lane | 12 December, 2017, 19:59

Heavy traffic made the Cboe website inaccessible in the first 20 minutes, but it said that "trading runs on very separate systems and was totally unaffected by the website issues".

Bitcoin futures went live on Sunday and it certainly didn't go unnoticed, with the opening of two futures exchanges this week having garnered a significant amount of news coverage in recent weeks.

Prices of the CBOE Bitcoin futures contracts, which expires in January, jumped to $18,800 (£14,000) today morning, from $15,000.

Despite the recent slump, the world's top cryptocurrency Bitcoin has seen a 17-fold rise during the previous year.

One prominent securities regulator warned that people were now taking out second mortgages on their homes to buy bitcoin.

The newest way to bet on Bitcoin has arrived, with the first Bitcoin future trades taking place in NY time on Sunday night, on CBOE Global Markets Inc's CBOE Futures Exchange.

Bitcoin surged past $18,000 after it began trading on its first major global exchange, the latest in a series of highs that have excited some investors while leaving others nervous of a bubble.

England cricketer dumped after drunken antics
The 23-year-old, who is part of the Lions squad, had been due to play a tour match against a Cricket Australia XI on Saturday.


On Thursday, Bitcoin mining platform and exchange NiceHash had been hacked, with close to $68 million in Bitcoin taken in the process. Cash-settled futures contracts like the XBT are like bets on where the price of bitcoin is headed.

While bitcoin has a vocal group of true believers, it also attracts its fair share of detractors.

The Cboe debut is expected to be followed a week later by a rival listing on Chicago Mercantile Exchange.

Fredrick chimes in with the reminder that bitcoin is "unknown territory" and suggests that no one can truly predict what the impact of futures will be on the volatility of bitcoin trading.

The futures are cash-settled contracts based on the auction price of bitcoin in U.S. dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss. On the Gemini Exchange, it was at $15,650.

Cboe's rival exchange CME will start trading its own futures on December 18 but will use a composite of several bitcoin prices across a handful of exchanges.

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