But one factor that did help to boost the prices was the news that the CME and the CBOE are looking to launch futures trading in bitcoins.
To view the full article, register now. XBTSM futures are cash-settled contracts based on Gemini's auction price for bitcoin. CBOE said the move comes as the total value of bitcoin outstanding has grown from less than $1 billion to over $183 billion over the last five years, with daily turnover at over $10 billion.More news: Herm Edwards' first news conference at Arizona State didn't disappoint
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Bitcoin's rapid rise from less than US$800 in December a year ago to more than US$11,000 this week on Coindesk has stoked fears that it is a pricing bubble that could leave recent investors worse-off. CBOE has already expressed its desire to list these products, and - just this week - The Wall Street Journal reported Nasdaq Inc. hopes to list bitcoin futures on one of its USA exchanges during the first half of 2018. "To promote this, we will initially offer XBT futures trading for free." said Ed Tilly, Chairman and Chief Executive Officer of Cboe Global Markets. None of the bad news and adverse comments about bitcoin seemed to matter to the bitcoin bulls and speculators who were intent on pushing the prices higher and during the course of this period, they managed to achieve the coveted target of $10,000 which was a huge psychological mark which numerous investors and traders would have had in their mind some months back. Bitstamp, GDAX, itBit and Kraken are the constituent exchanges that now contribute the pricing data for calculating the BRR.
The launch of the first bitcoin futures contracts on a regulated USA exchange is expected to be a watershed moment for the cryptocurrency industry. To ensure minimal impact on markets due to bitcoin's price swings, traders will have to pay 33 percent of their trade's price upfront as compared to the 35 percent for CME bitcoin futures trades.