Published: Tue, December 05, 2017
Markets | By Rosalie Gross

Cboe plans December 10 launch of Bitcoin futures trading

Cboe plans December 10 launch of Bitcoin futures trading

Derivatives marketplace CME Group has announced that it is going to launch Bitcoin futures contract on December 18, 2017. Trading will begin, under the ticker symbol "XBT", at the start of global trading hours at 6 p.m. ET, and will be free through December.

The move is clearly meant to steal the thunder from fellow Chicago derivatives exchange CME, which announced on Friday that it will list bitcoin futures on December 18.

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This also led to the migration of a few miners and investors to other markets like bitcoin cash and ethereum and once again, it looked as though the bitcoin prices would crash a lot more. It was trading Friday at around $10,500, after being worth roughly $1,000 at the beginning of the year. It is now worth more than $11,000. "We are committed to encouraging fairness and liquidity in the bitcoin market", said Ed Tilly, chairman and CEO of Cboe Global Markets, in a statement. Consequently, Cboe will become the first US exchange to support trading for a cryptocurrency-derived futures product. "To promote this, we will initially offer XBT futures trading for free". The first bitcoin futures contracts on a regulated USA exchange are set to launch on Sunday. None of the bad news and adverse comments about bitcoin seemed to matter to the bitcoin bulls and speculators who were intent on pushing the prices higher and during the course of this period, they managed to achieve the coveted target of $10,000 which was a huge psychological mark which numerous investors and traders would have had in their mind some months back. 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 CBOE's announcement brings bitcoin one step closer to institutional traders, who are expected to be the primary customers for such trades.

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