Monday, 11 December 2017

Bitcoin surges by 25% as futures trading begins



Bitcoin's price jumped 25% after it started trading on a major exchange for the first time.
 
Prices of Chicago Board Options Exchange (CBOE) Bitcoin futures contracts expiring in January climbed as high as $18,700 (£14,000) on Monday from their opening level of $15,000 (£11,200).


By mid-morning, prices had fallen back slightly to $16,571 (£12,400), according to cryptocurrency researcher Coindesk.


The move has been seen by some as a step towards legitimising Bitcoin as an investment.


Demand caused outages and delays on CBOE's website, but it said trading had not been disrupted.


"Due to heavy traffic on our website, visitors to www.cboe.com may find that it is performing slower than usual and may at times be temporarily unavailable," the exchange said in a statement.


Futures are a financial product that allow investors to bet on whether the price of something will rise or fall.


The CBOE's competitor exchange, the Chicago Mercantile Exchange, will start trading its own futures on 18 December, while Nasdaq is also considering offering Bitcoin futures in early 2018.




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