The second major security based on bitcoin is operating to trade on the Chicago Mercantile Exchange.
The CHICAGO MERCANTILE EXCHANGE Group, one of the nation's major exchanges of options and futures ,started out bitcoin options contracts for trading at 6 p.m. EST Sunday. The initial price for bitcoin futures contractss was $20,650, and the virtual currency was trading at $20,135 at 6:08 p.m. EST.
The crypto currency has exploded in popularity and price tag this year even while drawing concerns relating to its volatility.
The CME bitcoin futures contracts, like the bitcoin futures that now trade on the Chicago Board Options Exchange, do not require factual bitcoin. They will follow an index of bitcoin price. Each contract will be for 5 bitcoin.
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The Futures Industry Association has criticised the US regulator's approval of bitcoin futures.
ASR's Chanel said that the launch of futures on CME should eventually help iron out some of the wild gyrations in the price of bitcoin. For comparison, the Chicago Mercantile Exchange (CME), which launched Bitcoin futures products during the same period, depends on the so-called Bitcoin Reference Rate. Cboe made a lot of noise when it launched its bitcoin futures contracts So far, though, trading volume has been relatively light.
Instead of buying Bitcoin directly you are taking a short or buy position.
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