Bitcoin buying and selling begins on the large CME change

Telegram co-founder Pavel Durov center smiles as he leaves after a press conference following his meeting with Indonesian Communication and Information Minister Rudiantara in Jakarta Indonesia Tuesday Aug. 1 2017

Telegram co-founder Pavel Durov center smiles as he leaves after a press conference following his meeting with Indonesian Communication and Information Minister Rudiantara in Jakarta Indonesia Tuesday Aug. 1 2017

This led a brief rally in the bitcoin spot prices which pushed through the $19,000 for a brief while before correcting lower and it now trades in the mid 18000s region as of this writing.

The news came as CME Group launched bitcoin futures, the second exchange to do so after Cboe launched its own version last week. Exploding private investor interest can be seen by the popular bitcoin wallet and exchange platform Coinbase temporarily becoming the most downloaded iOS app on the App Store surpassing downloads of apps such as Instagram, Facebook, and Snapchat.

2017 has been the year in which bitcoin finally become mainstream. But with a 5-bitcoin contract, each CME trade is equivalent to five CBOE trades. So a fallout in Bitcoin can mostly affect funds that participate mostly in cryptocurrencies.

Electronic brokerage firm Interactive Brokers Group Inc IBKR.O earlier this week said it is offering bitcoin futures under the ticker symbol "GXBT" on the CFE and plans to offer the same on the Chicago Mercantile Exchange (CME) from December 18. The price of Cboe's product is derived from the cryptocurrency's price at a single exchange; CME's is based off four.

The top derivatives regulator in the USA has created a new information portal for cryptocurrencies, a move that came just days ahead of a major bitcoin futures launch.

More news: Amazon Prime may be investigated after late delivery complaints
More news: Procession held for California firefighter killed in Thomas Fire
More news: Firefox users think Mr Robot ad is malware extension

However, it's hard to envision bitcoin becoming the sole focus of future digital currency investment as the popularity of digital assets increases and the earning potential of altcoins become more apparent to investors. The introduction of bitcoin futures on the Chicago Mercantile Exchange over the weekend may help, but it will take time. If Eurex were to execute a Bitcoin futures contract option, it would be the first of its kind on the continent.

Last Monday, CBOE bitcoin futures contracts expiring in January surged 20 per cent on their first day of trading. An example by Reuters analysts includes a worst-case scenario where wealth managers would have to liquidate other assets to repay Bitcoin margins, if caught in a wild price swing.

Certainly, there is a business case for ETF providers to not only issue bitcoin ETFs but to also issue altcoin ETFs or a crypto asset ETF that includes a basket of the leading digital currencies.

The move is seen as a step towards acceptability among institutional investors, although the cryptocurrency's volatility is likely to continue to put many off.

Recommended News

  • Check out | Ranveer Singh bonds with Deepika Padukone's father Prakash Padukone

    Check out | Ranveer Singh bonds with Deepika Padukone's father Prakash Padukone

    The event saw exceptional Indian players from different fields coming under one roof to inaugurate an institute in Bengaluru. Many famous sports personalities like Vishwanathan Anand, Abhinav Bindra, and Geet Sethi were also present at the vent.
    RAF airbase in lockdown following 'significant security alert'

    RAF airbase in lockdown following 'significant security alert'

    RAF Mildenhall , along with its sister base RAF Lakenheath, have the largest United States Air Force presence in the UK. Police say it happened at RAF Mildenhall in Suffolk and urged the public to stay away from the area for the time being.
    SHINee's Jonghyun Has Passed Away; Police Confirm

    SHINee's Jonghyun Has Passed Away; Police Confirm

    Shortly before his death , Jonghyun's sister reportedly received a text message from her brother that read: "Please let me go". He also launched his solo career in 2015 with his first EP, Base, going on to release his debut album She Is in 2016.
  • Starc raving mad pill from Mitch gets Vince

    Starc raving mad pill from Mitch gets Vince

    Left arm around at 90 m/ph, seaming more than a guy can spin the ball, that is the best ball I've seen live in Test cricket. Vince missed the ball by about 10cm and later admitted there was simply nothing he could have done to stop the outcome.
    Youngsters will probably be auto-enrolled in pensions at age 18

    Youngsters will probably be auto-enrolled in pensions at age 18

    The earnings trigger at which auto-enrolment kicks in for employees will remain at £10,000 for 2018/19, subject to annual reviews. At least 900,000 more young staff will put money aside for retirement from the day they start work.
    Xiaomi Rolled Out Mi A1 Special Edition Red Colour Variant In India

    Xiaomi Rolled Out Mi A1 Special Edition Red Colour Variant In India

    As opposed to the iPhone 7 Plus that comes with a front-mounted fingerprint scanner, the Xiaomi Mi 5X sports one on the back. It will be coupled with 4GB RAM and 64GB of internal storage which is expandable up to 128GB using a microSD card.
  • How Analysts Rated Cedar Realty Trust, Inc. (NYSE:CDR) Last Week?

    It is positive, as 56 investors sold JPM shares while 678 reduced holdings. 124 funds opened positions while 435 raised stakes. Over the last week of the month, it was -0.30%, -2.25% over the last quarter, and -1.79% for the past six months.

    IPhones Get Costlier With Increase In Import Tax On Electronic Goods

    The companies claim these are estimates, as they are yet to decide the exact price increase. The iPhone 6S (128GB model), on the other hand, costs Rs 50,660 - up from Rs 49,000.
    Andrew Luck Could Undergo Surgery On Bicep Tendon

    Andrew Luck Could Undergo Surgery On Bicep Tendon

    The Colts have missed the postseason in three consecutive seasons for the first time in a quarter century. The specific pain Luck previously experienced was attributed to biceps tendinitis, sources said.
  • Hardik Patel says BJP hacked EVMs for Gujarat Elections

    Hardik Patel says BJP hacked EVMs for Gujarat Elections

    In the Press Conference today, Hardik Patel the PAAS leader has again reiterated his allegations over EVM machines. The elections of Gujarat and Himachal Pradesh, however, marked a huge win for the BJP party.

    Ex-wife of murdered National Basketball Association player Wright arrested

    Early the following morning Germantown Police received a 911 call from his cell phone, but the call was interrupted by gunfire. Police said they are not ruling out possibly more arrests. "We went to the crime scene and walked in Lorenzen's final steps".
    Microsoft Surprises Nine-year-old Who Gave Up Xbox To Donate Blankets

    Microsoft Surprises Nine-year-old Who Gave Up Xbox To Donate Blankets

    They led him to the back of the store where Santa was waiting to give Mikah a bag full of gifts, including an Xbox. Mikah Frye was soon called at a Microsoft store to pick up his present along with other surprise goodies.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.