Friday, 15 December, 2017

Bitcoin Price Rallies to $10760 After CME Futures Get Launch Date

Bitcoin Price Pushes Above $10500 on US Futures Listings This Is When You Can Start Trading Bitcoin Futures
Juana Turner | 02 December, 2017, 00:56

The move will subject some of the bitcoin market to federal regulation for the first time.

CME Group, the world's largest futures exchange, has announced that it has self-certified the initial listing of its Bitcoin futures contract.

The CME Group, which owns the Chicago Mercantile Exchange, will start trading bitcoin futures December 18, the company said. Though CME had signaled its intent to launch these products before the end of the year, many people doubted the U.S. Commodity Futures Trading Commission (CFTC) would grant their application within this time period.

CME said on Friday it would list its bitcoin futures contract, which like CBOE's will be priced against and settled in the cash bitcoin market, on December 18.

Cboe said they are "operational ready". On Wednesday, bitcoin smashed through $10,000 USA before rocketing past $11,000 United States less than 12 hours later to an all time-high of $11,395 U.S., and then plunging around 20 percent in the hours that followed. While CFTC approval isn't required, the regulatory body could have halted the CME's plans if it wasn't satisfied with the self-certification. "Though we have worked through a lengthy, comprehensive process with the CFTC to get to this point, we recognize bitcoin is a new, uncharted market that will continue to evolve, requiring continued collaboration with the Commission and our clients going forward. Nevertheless, investors should be aware of the potentially high level of volatility and risk in trading these contracts", Giancarlo adds.

In addition, the Cantor Exchange has approved a new contract for binary options on bitcoin.

Nasdaq Inc also plans to list a futures contract based on bitcoin in 2018, Reuters reported earlier this week.

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