Cboe launching Bitcoin Future earlier than CME

Cboe launching Bitcoin Future earlier than CME

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. Several media outlets have suggested that the Nasdaq Stock Market will also soon begin trading futures of the digital currency, but the exchange has not yet confirmed that. 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.

Bitcoin's price levels have mostly displayed incremental gains within the $11,000 price range.

"Given the unprecedented interest in bitcoin, it's vital we provide clients the trading tools to help them express their views and hedge their exposure". "We are committed to encouraging fairness and liquidity in bitcoin markets".

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

Cboe launching Bitcoin Future earlier than CME
Cboe launching Bitcoin Future earlier than CME

Due to its volatility, bitcoin futures will be subject to higher margin levels and intraday price limits, the CME said.

Bitcoin futures would allow traders to bet on rises and falls in the digital currency, similar to the way oil, corn or gold futures work.

Bitcoin futures and other derivatives would make it easier for more investors and speculators to trade the new asset class. At the time in August, the CBOE was working with New York-based bitcoin exchange Gemini, which is run by investors Cameron and Tyler Winklevoss, ahead of the launch.

On the other hand, CME plans to use the services of four bitcoin exchanges - Bitstamp, GDAX, itBit and Kraken - to set its Bitcoin Reference Rate (BRR). Those amounts may become higher in the future. CBOE has already expressed its desire to list these products, and - just this week - The Wall Street Journal reported Nasdaq Inc. hopes to list bitcoin futures on one of its US exchanges during the first half of 2018.

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