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Bitcoin Price Trades Down after CME Futures Launch

December 18
15:34 2017

The bitcoin price posted a single-day decline following the much-anticipated launch of bitcoin futures contracts on U.S. derivatives exchange CME.

CME Launches Bitcoin Futures

As CCN reported, the Chicago-based exchange listed bitcoin futures for trading on Sunday evening. Bitcoin futures had already been trading on fellow Chicago exchange CBOE for one week, but CME is a much larger exchange, and analysts expect it to attract much more trading volume, particularly from institutional investors with deep pockets.

At the time of writing, CME had processed 670 contracts — each equivalent to 5 bitcoins — which translates into approximately $64 million worth of volume at the current bitcoin spot price. Nearly all of that volume was concentrated in January futures, which traded as high as $20,650 and as low as $18,345.

bitcoin price
Source: CME

At present, January futures are priced at $19,550, representing a $1,100 decrease from the contract’s opening bid but about $300 worth of upside from the present bitcoin spot price.

Continue Reading at CCN

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