Trading in Bitcoin futures started Sunday night, and trading was so volatile it had to be halted twice. The trading in futures mirrored the rise in value of the cryptocurrency itself, with a quick surge in value.
David Royse | LedeTree
Trading in Bitcoin futures began on the Chicago Board Options Exchange Futures Exchange Sunday evening under the ticker symbol XBT, and the price of the futures quickly vaulted past $18,000 keeping the cryptocurrency on a wild ascent that has seen it triple in value in the past month.
January contracts on Bitcoin opened at $15,460 in New York and were briefly slightly lower than that, but later hit a high over $18,000.
February contracts were closing in on $18,000 early Monday, while March contracts had passed that mark.
Trading on Bitcoin futures gives investors the ability to bet on the future price of the underlying Bitcoin currency, known as the spot market.
Trading had to be briefly halted twice because of volatility triggers. The CBOE’s website also was slowing down.
Due to heavy traffic on our website, visitors to https://t.co/jb3O722hoo may find that it is performing slower than usual and may at times be temporarily unavailable. All trading systems are operating normally.
— Cboe (@CBOE) December 10, 2017
But, at least in the early going, the volume of futures trades was relatively low – only about 800 contracts for Bitcoin futures traded in the first couple of hours.
Trading of Bitcoin on the futures exchange is widely seen as giving it some legitimacy in the financial world – something that has contributed to its remarkable rise in value. Trading in Bitcoin is expected to also start soon on the Chicago Mercantile Exchange.