Economy

Cboe to Launch Bitcoin Futures Trading on Sunday

Cboe to Launch Bitcoin Futures Trading on Sunday

CME Group said trading would be available on its CME Globex electronic trading platform from 18 December.

The exchange announced Friday that it would begin offering bitcoin futures trading, but it didn't specify a start date.

As per the analysts, the main derivatives of United States regulates that it would permit CME Group Inc and CBOE Global Markets to list bitcoin futures contracts, which had turned sentiment positive after a choppy week. Monday, December 11, will be the first full day of trading, and trading will be free through December. It was trading Friday at around $10,500, after being worth roughly $1,000 at the beginning of the year.

The move also comes amid a time of climbing prices of bitcoin.

Bitcoin's price has soared tenfold this year, but many market participants warn of a bubble as it topped $11,000 for the first time last week.

More news: Crimes in India in 2016 increased 2.6 per cent: NCRB

Bitcoin's price levels have mostly displayed incremental gains within the $11,000 price range. The first bitcoin futures contracts on a regulated USA exchange are set to launch on Sunday.

The CEO is optimistic about bitcoin futures trading at CME as he stressed that they have worked closely with CFTC and interested parties to come up with a system that will provide investors with transparency, price discovery and risk transfer capabilities. Market data from bitcoin exchanges Bitstamp, GDAX, itBit, and Kraken will be used to calculate CME's once-a-day Bitcoin Reference Rate (BBR).

The launch of the first bitcoin futures contracts on a regulated USA exchange is expected to be a watershed moment for the cryptocurrency industry.

The announcement from the Commodity Futures Trading Commission (CFTC) that it will allow the futures to be traded was seen as a watershed moment for the currency.


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