'According to Plan': CBOE Bullish on First Day of Bitcoin Futures Trading
The first day of bitcoin futures trading on the CBOE exchange is over and the day largely went according to plan, according to its CEO.
Overall, Monday saw the price of bitcoin push above $17,000 on CoinDesk's Bitcoin Price #Index ( #BPI) to hit a new all-time high in the hours after the #Chicago -based firm began trading the derivatives. That #process began late Sunday, an event that coincided with a near-simultaneous crashing of CBOE's website.
The #price of #bitcoin jumped over $1,000 in minutes.
Reports indicate, however, that trading has gone relatively smoothly since then. As Bloomberg shows, CBOE's circuit breakers – essentially market backstops that pause trading during periods of heightened #volatility – were triggered twice during the first six hours of trading yesterday.
No circuit breakers were activated during Monday trading, according to CBOE. "The #trading has been orderly. We hit a couple of our circuit-breaker halts, but those were due to price movement in futures and not due to any systems issues. We halted like our rules said we would and opened #back up," Michael Mollet, director of product development for CBOE, told the #Washington Post.
#Market data indicates that CBOE's January contract is trading at about $18,000, according to #CNBC, with 197 contracts worth of volume since the Dec. 12 session officially began.
For CBOE, the results are very encouraging, according to its chairman and #CEO.
Speaking with Fox #Business' Neil Cavuto at the conclusion of the Dec. 11 trading session, Ed Tilly said yesterday's kick-off went "according to plan." He said in the interview:
"I think it’s pretty #positive. Think about never having traded this contract in a lit futures market before. There was that #kind of #confidence in #CBOE#systems to bring this contract up." Looking ahead
Yet, if today's trading is indicative of how the nascent #market for #cryptocurrency derivatives progresses, the next week should be a notable one as well.
Indeed, #CBOEs launch is the first of two planned regulated futures launches happening this month. #btc#bitcoins#bitcoinus
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BTC looking bullish, finex price about to knock the previous ATH
Target 1 in case it breaks with volume: 20k
2 1129 minutes ago
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3 2929 minutes ago
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2 1130 minutes ago
1 131 minutes ago
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