Published: Mon, December 11, 2017
Business | By Max Garcia

Bitcoin valuations leaps as derivatives go on sale in the US

Bitcoin valuations leaps as derivatives go on sale in the US

Bitcoin futures are spiking in their first hours of trading.

After confirming that the account meets the necessary requirements, buying and selling bitcoin futures is as simple as entering the XBT ticker and clicking "trade".

So it is advisable for the traders to wait it out and see what kind of volatility and price action is caused by the introduction of the bitcoin futures and then jump in on the longs. They're securities that will track the price of bitcoin on Gemini, one of the larger bitcoin exchanges. The futures rose $540 to $16,000 on the Chicago Board Options Exchange.

"Due to heavy traffic on our website, visitors to www.cboe.com may find that it is performing slower than usual and may at times be temporarily unavailable", the exchange said in a statement. "I think you'll see a robust market as time plays out", said Joe Van Hecke, managing partner at Chicago-based Grace Hall Trading LLC, as quoted by Bloomberg.

The bitcoin prices have been very volatile over the weekend as the prices dipped towards the $13000 region only to recover as we headed to the end of Sunday and the prices have since bounced back to the $16000 region as of this writing and seems to be ready for another bullish leg.

The futures launch may lead to other products and services focused on cryptocurrencies, including a possible shift into exchange-traded funds (ETF) and notes, according to Edward Tilly, Cboe's chief executive officer, as quoted by industry news site CoinDesk.

In a major step towards legitimising the virtual currency, the Bitcoin has begun trading on a major U.S. exchange.

Like this: