News Worms
News Worms


Bitcoin rebounds after USA regulator approves futures

Bitcoin rebounds after USA regulator approves futures

Cboe Global Markets says Cboe Futures Exchange (CFE) has filed a product certification with the Commodity Futures Trading Commission (CFTC) to offer bitcoin futures trading.

The derivatives marketplace operator will launch Bitcoin futures contracts in less than three weeks. After a record high on Wednesday for bitcoin price of $11,377, there was a 20 percent drop from profit takers down to $9,021; it has since fluctuated several times and is now selling at around $10,500.

"I think it is going to enable finally the approval of bitcoin ETFs, and other digital currency ETFs, which is game changing", Barry Silbert, founder and CEO of Digital Currency Group, said on CNBC's "Squawk Box".

Still, at launch, Duffy explained the bitcoin futures product will be subject to risk management tools, including a margin of 35 percent, position and intraday price limits. "This opens up the doors to exchange traded funds and institutional money".

Derivatives marketplace operator CME Group will launch a bitcoin futures product on December 18, ending speculation as to when the much-anticipated offering would be available on the US markets. "As a result, we have had extensive discussions with the exchanges regarding the proposed contracts, and CME, CFE and Cantor have agreed to significant enhancements to protect customers and maintain orderly markets".

The CME Group, which owns the Chicago Mercantile Exchange, will start trading bitcoin futures December 18, the company said.

CFTC Chairman Christopher Giancarlo warned investors, however, that the nascent underlying bitcoin cash markets remained largely unregulated and mostly beyond the commission's purview. "Nevertheless, investors should be aware of the potentially high level of volatility and risk in trading these contracts", Giancarlo adds.

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

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