CME Bitcoin Futures Price Above $20k in First Day Trading

CME Bitcoin Futures Price Above $20k in First Day Trading

CME Bitcoin Futures Price Above $20k in First Day Trading

Last week, Cboe Holdings also launched bitcoin futures, which give traders a way to speculate on what prices will be at some later date.

Trading volume for the CME futures has been light, with less than 650 contracts changing hands in the first eight hours of trading, compared with nearly 2,500 over the same time frame during Cboe's debut.

The CBOE had a one-week head start but the CME is a more-popular futures exchange. The contracts, which settle in dollars and trade on regulated exchanges, can be bought by institutional investors that are prohibited from buying bitcoin directly on largely unregulated exchanges.

Ally was one of several brokerages staged to support the CME Group's bitcoin futures on its network, but has since taken a step back after "monitoring the activities of the past week", according to an emailed statement sent to Bank Innovation.

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The Cboe futures contract is based on a closing auction price of bitcoin from the Gemini exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss. Short sellers face expensive trading The futures exchanges offer short sellers a way of placing short bets on bitcoin but even when the second exchange opened trading the price of bitcoin continued an upward trend in price. On its debut on Dec 10, the Cboe traded almost 4,000 contracts during the full session.

"The launch should increase buy side pressure and potentially be the catalyst that pushes bitcoin above $20,000", said Shane Chanel, a fund manager at ASR Wealth Advisers in Melbourne.

The contract was last at $18,805, below the $19,500 reference price set by the exchange for the January contract. The company will not offer CME contracts until it demonstrates sufficient liquidity. "The CME futures are trading at a premium to Cboe futures, but the premium has come in a bit since the open", See said.

"Introducing futures contracts in the United States was meant to give short-sellers access to the market and improve liquidity, but availability is still fairly restricted". $50,000 is a reasonably large sum to risk when bitcoin could continue up for some time. It makes more sense to sell short when there are clear signs of a steep decline that is continuing.

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