Bitcoin buying and selling begins on the large CME change

Bitcoin Continues To See Unprecedented Growth

Bitcoin Continues To See Unprecedented Growth

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.

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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.

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