The launch of CBOE’s Futures trading has sparked a rally for Bitcoin, which has surged ahead of the $15,000 USD mark.
While fears have run high that the imminent launch of Bitcoin Futures trading might well tear down the soaring price of the cryptocurrency, the opposite has proven true this weekend as the launch of the Chicago Board Options Exchange (CBOE)’s Bitcoin Futures trading has set cryptocurrency markets soaring.
CBOE’s Bitcoin Futures platform launched to much fanfare on December 10th, where trading began at 5PM Central time. Trading began at a price of $15,000 USD to 1 BTC, and surged to $16,800 USD within five hours.
CoinTelegraph reports that Bitcoin’s large gains triggered two ‘circuit breakers’, which are erstwhile market pauses that provide traders with the opportunity to reconsider their position in the event of a large price movement.
CBOE’s Bitcoin Futures platform saw a spike in traffic that ultimately saw the website crash within minutes of its official launch, and at the time of writing more than 2,000 contracts have been traded.
The news will likely set tongues wagging ahead of the launch of the Chicago Mercantile Exchange (CME Group)’s Bitcoin Futures offering, which is similarly slated for kickoff on December 18th.
Other firms, such as Man Group and JP Morgan Chase have further considered the launch of their own products through interface with either CME Group’s offerings or direct interaction with cryptocurrency markets, and just recently Bank of America was itself granted a patent for a new cryptocurrency exchange system.
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