CME to launch bitcoin futures trading on December 18

Cboe announces bitcoin futures to start trading Sunday

"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. The regulatory process used is called self-certification. CME's nonmembers can trade the futures too, although they will be charged for higher service and exchange fees. This memorandum is considered advertising under applicable state laws. CBOE said the move comes as the total value of bitcoin outstanding has grown from less than $1 billion to over $183 billion over the last five years, with daily turnover at over $10 billion. "We are committed to encouraging fairness and liquidity in bitcoin markets".

Cboe Global Markets Inc. said Monday it will start trading bitcoin futures on December 10, after receiving the go ahead last week from United States futures regulator CFTC.

The contracts will be cash-settled, and the price will be based on the daily auction price from Gemini, a cryptocurrency exchange based out of NY.

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This also led to the migration of a few miners and investors to other markets like bitcoin cash and ethereum and once again, it looked as though the bitcoin prices would crash a lot more. The first bitcoin futures contracts on a regulated US exchange are set to launch on Sunday. CBOE will derive its bitcoin contract price from the Gemini bitcoin exchange, which is owned by the Winklevoss twins, Cameron and Tyler. The cryptocurrency is now trading at roughly $11,400, as per CoinDesk's Bitcoin Price Index (BPI).

Last week, a JPMorgan global markets strategist forecast that the introduction of bitcoin futures would legitimize cryptocurrency in the eyes of both institutional and retail investors, transforming the cryptocurrencies into "an emerging asset class". 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.

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