Everybody in the Game — Bitcoin Futures

Futures Market Heralds a New Era of Trading for Bitcoin and Cryptocurrencies

Everybody in the Game — Bitcoin Futures

Bitcoin just passed its first major Wall Street test, but cryptocurrency bulls shouldn't read too much into it. Bitcoin opened 2017 at around US$1,000, surged past US$10,000 for the first time last month and soared as high as US$16,777 on Thursday before retreating somewhat. China posted a trade surplus of $38.17 billion in the month.

U.S. crude CLc1 was down 15 cents at $57.21 a barrel and Brent crude LCOc1 inched 17 cents lower to $63.23, drifting away from a recent 2-1/2 year peak of $64.65.

Bitcoin futures trading: What is futures trading?

It makes sense bitcoin bulls would cheer. How the futures market will impact both Bitcoin and Bitcoin cash remains to be seen, but for now the inverse correlation between the two has softened, with gains seen across the cryptocurrencies this morning. Traffic to the CBOE website was so heavy right after the start of trading that the site experienced outages.

Futures are a type of contract in which a buyer and a seller agree on a price for a particular item to be delivered on a certain date in the future, hence the name.

JPMorgan Chase will limit clients' access to the futures on Sunday and issue an evaluation after an analysis of the trading that day. Bincoin Golg gain most of all - almost 35%. Even though Russian politicians say that's really the case, famous Russian economist Igor Nikolaev tried to find out the truth backed by figures. It's not exactly clear why that should be.

"I refuse to use the word legitimate, but it's probably moved out of the shadows into the open", he said. Experts warn that the cryptocurrency is already highly speculative.

Over the weekend, Bloomberg released a controversial report that raises questions about the safety, security, and authenticity of the Bitcoin market.

The embrace by mainstream exchanges of bitcoin futures marks a sea change from the days when the digital currency was associated with drug dealing and other illicit activities.

Despite the increasing interest in the cryptocurrency market following the approval from the CFTC, the Futures Industry Association (FIA) has sent a letter to the CFTC criticising the move, arguing that not enough attention has been paid to the risks involved. Some brokers like Interactive Brokers Group Inc., which caters to individuals, said they wouldn't facilitate short-selling. Ethereum Classic also climbed more than 10%. But in true bitcoin fashion, no dips have materialized just yet. Cboe subsequently told Reuters that its trading systems were "operating normally".

Some of the worst performers from the top 50 largest cryptocurrencies by market capitalization included Einsteinium (down -5.78%), QASH (down -2.97%), and Tether (down -0.34%). Crop futures markets typically trade with the seasons.

It was set up in 2008 by an individual or group calling themselves Satoshi Nakamoto, and was the first digital currency to successfully use cryptography to keep transactions secure and hidden, making traditional financial regulation difficult if not impossible. Oil futures tend to follow supply, or expected supply.

Meanwhile, CBOE's futures have also risen in the few hours after yesterday's launch. On the 18th December, it too will start trading bitcoin on its futures contract. For stocks, it's a company and the goods or services they produce.

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