Economy

CBOE beats CME to bitcoin futures launch with Dec 10 start

CBOE beats CME to bitcoin futures launch with Dec 10 start

On Friday a United States federal regulator gave the go ahead to the CME Group to start trading bitcoin futures later this month, the first time the digital currency will be traded on a Wall Street exchange and subject to federal oversight. (NASDAQ:) has said its contracts will begin trading December 18.

Bitcoin trading markets seem to have already priced the CBOE's move into their assessment of the cryptocurrency's price. 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.

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Bitcoin futures trading by Chicago derivatives exchange operator CME Group will be launched on December 18 as the path has been cleared recently thanks to the regulatory approval. The first bitcoin futures contracts on a regulated USA exchange are set to launch on Sunday. We are committed to encouraging fairness and liquidity in the bitcoin market.

The launch confirmation comes months after the Chicago-based exchange first detailed its plans to create a bitcoin futures product.

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"The price rises are triggered by continued media interest driven by the expectation of futures trading on CME", Charles Hayter, founder of data analysis website Cryptocompare, said. CBOE will derive its bitcoin contract price from the Gemini bitcoin exchange, which is owned by the Winklevoss twins, Cameron and Tyler.

Cboe is working with online brokerages to allow retail investors to start trading its bitcoin futures as soon as possible, a spokeswoman for the company said. To ensure minimal impact on markets due to bitcoin's price swings, traders will have to pay 33 percent of their trade's price upfront as compared to the 35 percent for CME bitcoin futures trades. One bitcoin was worth just a fraction of a penny when it started trading in 2010, and by the start of this year was worth $1,000.

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