Price of CME Bitcoin futures above USD $ 20K during first trading day DECEMBER 18, 2017 ROBERT HAZLITT BITCOIN FUTUROS, CBOE, CMW GROUP, PRICE BITCOIN, VERGE
Bitcoin futures launched by CME Group reached USD $ 20,000. However, after a massive sale, the price dropped to around USD $ 18,000. The case contrasts with the launch of CBOE futures, during which a collapse was experienced due to the magnitude of trade and the currency suffered a price increase of 19%
The much anticipated Bitcoin futures of the CME Group began trading today with a bullish signal, since the sale price of its January 18 contracts was opened above USD $ 20,000.
Months after the Chicago-based derivatives exchange operator first revealed plans for Bitcoin offers, the launch took place at 6:00 p.m EST. At that time, the opening price for the January contract was USD $ 20,650, USD $ 1,150 on the latest price of the CME reference rate (USD $ 19,500).
In total, more than 200 contracts were purchased corresponding to January 2018 during the first hour, according to CME information.
The operator's site shows that a contract was sold in February 2018 and a contract in March 2018, together with two that expire in June. The prices of the last three are above USD $ 20,000.
The first Bitcoin futures launched by a traditional financial exchange began a week ago. Chicago-based CBOE was the first exchange to offer its customers derivatives based on bitcoins. After CBOE launched the trading of Bitcoin futures, the cryptocurrency had an increase in its price of 19%.
However, according to Joe Van Hecke, founder and managing partner of the commercial firm of Chicago, Grace Hall, and one of the first bidders on both exchanges, CME is a platform with more institutional investors than CBOE.
Along with the launch of the Bitcoin futures of CBOE, several products aimed at institutional investors have been launched last week. And, as previously reported, other institutional giants such as Nasdaq and Cantor Fitzgerald of Wall Street are expected to launch products around Bitcoin in 2018.
However, the CME launch also showed signs of market fatigue.
Unlike all the launch of CBOE, which briefly collapsed its website due to significant traffic, the CME site remained stable after the opening. In addition, in the course of the first hour, Bitcoin had a massive sale, with a price that fell to a minimum of USD $ 18,424, contrary to what happened with CBOE.
While the price of Bitcoin fluctuates, other altcoins have taken a more pronounced leap in the last weekend, as is the case of Verge, the anonymous cryptocurrency, whose capitalization exceeded USD $ 1.2 billion, which shows growth 450% daily The reason was the tweet of John McAfee, who recommended this cryptocurrency, Zcash and Monero to its subscribers, saying that the coins with the highest level of transaction anonymity have a great future.
Source: CoinDesk and CoinFox