Bitcoin Monthly Outlook - December 2017

Cboe announces bitcoin futures to start trading Sunday

The introduction of futures from both Cboe and CME may entice more professional traders and investors to join the cryptocurrency market by shifting transactions onto regulated exchanges.

Bitcoin's price has soared tenfold this year, prompting many market participants to warn of a bubble as it topped United States dollars 11,000 for the first time last week. CME Group and CBOE Global Markets exchanges will offer investors Bitcoin futures from later this month.

The Chicago Mercantile Exchange also said Friday that it will start offering bitcoin futures trading on December 18.

On Friday a USA federal regulator gave the go ahead to the CME Group to start trading bitcoin futures later this month, the first time the digital currency will be traded on a Wall Street exchange and subject to federal oversight.

Bitcoin trading markets seem to have already priced the CBOE's move into their assessment of the cryptocurrency's price.

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Bitcoin's price levels have mostly displayed incremental gains within the $11,000 price range. The futures will be cash-settled contracts based on Gemini's auction price for bitcoin, denominated in USA dollars. "We are committed to encouraging fairness and liquidity in bitcoin markets".

Bitcoin hit a record above US$11,400 last Wednesday, but then lost 20% of its value in the following 24 hours.

According to the official release, CME Group has self-certified the initial listing of its Bitcoin futures contract, which will be listed on and subject to the rules of CME. At the time in August, the CBOE was working with New York-based bitcoin exchange Gemini, which is run by investors Cameron and Tyler Winklevoss, ahead of the launch.

Following the launch of these products, many analysts predict that the Securities and Exchange Commission (SEC) will grant approval to the first exchange-traded fund (ETF) that invests in bitcoin futures contracts, potentially turning bitcoin into a mainstream financial instrument and portfolio asset.

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