CBOE launches bitcoin futures index

Check out the things you might not know about Bitcoin

The spike in volatility caused futures contracts to temporarily cease trading on Cboe Global Markets' exchange, which launched bitcoin futures on Sunday.

Since the launch of the bitcoin futures Tilly said that everything had gone according to plan and that he fully believes there will be "more to come" in relation to other cryptocurrency-related products such as ETFs. Bitcoin futures listed on CBOE are based on the cryptocurrency's prices listed on the Gemini bitcoin exchange.

Also bearish on bitcoin was Stephen Roach, a Yale University economist who told CNBC's "The Rundown" that exchange legitimization makes bitcoin "somewhat risky [for investors]", citing a "lack of intrinsic underlying economic value to the concept".

Virtual currency bitcoin hit another all-time peak on Tuesday, two days after the launch of the first ever bitcoin futures on a USA exchange and ahead of the start of another futures contract next week, as investors grew optimistic that the $20,000-mark is within reach.

While market participants are still heavily divided over the digital currency's utility, value and safety, they expect the futures contract to offer a legitimate means for institutions to bet on bitcoin.

Bitcoin still has a stranglehold on the cryptocurrency market, with a total capitalization of $274.6 billion. The CME Group is expected to launch its futures contract on December 17.

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"Anyone, especially a professional trading outfit, would be insane to actually short sell this bull market", said Nick Spanos, founder of Bitcoin Center NYC. Bitcoin is still up about 16-fold this year. Litecoin, ethereum, zcash, and dash are among lesser-known cryptocurrencies, each with their own trading community and information flow.

Futures markets involve hedgers and speculators. But while volatile compared with traditional currencies or assets, the rise on Monday was relatively tame for bitcoin. That's in line with Monday's gain of 9.6 percent and minor in comparison to last Thursday's 20 percent surge. The bitcoin futures are cash-settled contracts that settle to a single, tradable auction price. In the note, Managing Director of Predictive Analytics at S3, Ihor Dusaniwsky, suggested that bitcoin as an asset would be "ripe for a pullback once the CBOE futures contracts go live" but also cautioned that the fees for shorting the GBTC ETF will be extremely high. "(Bitcoin) futures might come after there is positive regulation from the government", he added. Somebody who invested $1,000 in Bitcoin at the start of 2013 would now be sitting on around $1.2 million.

Indeed, CBOE's launch is the first of two planned regulated futures launches happening this month.

Several online brokerages, including Charles Schwab Corp and TD Ameritrade Holding Corp, did not allow trading of the new futures immediately.

Also on December 6, 2017, trading volume for BTC almost doubled from 6.9 billion to 12.7 billion and crosses the 10 billion volume threshold for the first time since Bitcoin crossed $10,000 (November 28, 2017). Goldman Sachs Group Inc said on Thursday it was planning to clear such trades for certain clients.

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