The price of Bitcoin has recently gone up by more than 1,000%, with the price of 1 BTC being more than $11,000. In the last 24 hours only, the total volume of Bitcoin amounted to just about $6.6 billion.
Traders in the digital currency markets are waiting for the 11th of this month to start trading futures in Bitcoin. The Cboe Global Markets announced that it will begin to list futures trading starting on Sunday, at the start of global trading hours.
The first full trading day will be next Monday (December 11th), so both the Chicago based exchange, which announced that it will begin trading on December 18 and the Nasdaq market, which plans to introduce futures trading in Bitcoin starting in the first half of 2018. Cboe Glogal Markest will be the first to give investors a chance to bet on, or against the booming cryptocurrency.
With the huge interest Bitcoin is seeing recently, many traders have been waiting for a chance to trade futures. Although the US Securities and Exchange Commission (SEC) has rejected requests for the regulation of the Bitcoin in trading funds on the grounds that the currency market is currently not regulated, now, US financial bodies are convinced that the entry into futures trading will finally prove that the digital currencies are sufficiently organized.
Futures will be traded on the Cboe Global Markets under the XBT symbol. Starting futures trading in Bitcoin through emerging markets is a very important step in regulating and legitimizing the crypto currency, especially since it was once owned by large technology entrepreneurs and was associated with illegal activities in the online markets.
According to analysts, the futures in Bitcoin will allow investors to jump into buying cryptocurrencies. As Bitcoin is a volatile currency, that can see huge gains or losses in a matter of hours, enthusiastic investors believe that the futures contracts with Bitcoin will make them feel more comfortable, since they are typically used to protect against large losses.
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