Sunday, 21 January, 2018

Bitcoin and Ethereum Price Forecast - Bitcoin Futures Open for Trading in CBOE

Bitcoin tops $16k as miner NiceHash investigates '$64m theft' Bitcoin Reaches All-time High Value of $18000
Jeannie Matthews | 14 December, 2017, 11:54

For the first time, institutional investors can bet on whether bitcoin will continue to rise in value, or crash back to earth.

The price of bitcoin has soared by nearly a quarter to almost $17,000 in the past 24 hours after the Chicago-based exchange, Cboe, launched the first bitcoin futures contracts on Sunday.

The site outage coincided with a surge in Bitcoin price at the time of launch.

The futures are cash-settled contracts based on the auction price of bitcoin in USA dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss. The exchange operator has rules in place to stop trading after price swings of 10 percent.

Concussion expert irate when Texans' QB returns after hard hit
Making his second start with San Francisco, Garoppolo led the 49ers to a 26-16 win in Houston on Sunday afternoon. Yates hasn't played in a game since 2015 when he went 2-0 as Houston's starting quarterback.

Of course, some folks are still not convinced that Bitcoin is ready for use with such financial instruments, but the incredible growth in value of the cryptocurrency - 1,600 percent this year alone - means that it's impossible to ignore the possibilities and opportunities that it could afford. The price determination is also explained on their website: "The single price settlement process gives participants the option of using XBT futures to hedge their exposure in underlying bitcoin or gain exposure to traded bitcoin prices without holding bitcoin". Monday's futures price indicates investors expect bitcoin to keep rising in the coming weeks, although at a slower pace than seen recently. JPMorgan Chase CEO Jamie Dimon has called bitcoin "a fraud".

But there is some hopes that bringing bitcoin to a public exchange like the Cboe or the Chicago Mercantile Exchange will bring some regulation or legitimacy to the world of crypto-currencies. Tyler and Cameron Winklevoss, twin brothers who own large amounts of bitcoin, tried to create an exchange-traded fund based on bitcoin, but federal regulators denied their application. The NASDAQ is planning to launch bitcoin futures in 2018.

So it is advisable for the traders to wait it out and see what kind of volatility and price action is caused by the introduction of the bitcoin futures and then jump in on the longs.

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