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Bitcoin's price surges to over $17,000 as the currency begins futures trading

The price of Bitcoin has increased by over 10% in the past 24 hours

Bitcoin's price surges to over $17,000 as the currency begins futures trading

Bitcoin's price surges to over $17,000 as the currency begins futures trading

At 11 PM last night, Bitcoin launched on the CBOE (Chicago Board Options Exchange) futures exchange, with investors betting that the cryptocurrency will reach a value of $18,000 in January.

This show of confidence in the currency has caused the value of Bitcoin to reach over $17,300 at its peak today, with futures trading acting as a step towards legitimising the currency. Other financial experts are calling Bitcoin an economic bubble, with Paul Donovan, an analyst at UBS, stating that "Ignoring the bubble is the best course of action".

Bitcoin's launch on the CBOE futures market was made possible because of the approval of the US Commodities and Futures Trading Commission (CFTC), with several organisations criticising the organisation decision due to the abnormally large risk that Bitcoin represents. The CFTC has warned investors that Bitcoin presents a "potentially high level of volatility and risk". 

During this first day of trading, the CBOE has suspended the trading of Bitcoin twice due to prices fluctuating by over 10%. This reaction is part of the CBOE' standard operating procedure to reduce wild fluctuations in price. 

  

 Bitcoin's price surges to over $17,000 as the currency begins futures trading

  

Today Bitcoin's price remains unstable, presenting an opportunity for traders to gain or lose vast sums of money in today's market. Many fear that it is only a matter of time before Bitcoin prices plunge, though like all systems bubbles it is unknown exactly if or when the bubble will burst. 

You can join the discussion on Bitcoin's prices surging after it hits the futures market on the OC3D Forums.   

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Most Recent Comments

11-12-2017, 17:13:21

Aussiejuggalo
This is pretty good news for Bitcoin and goes to show that it's not just a "bubble".

The Bitcoin devs have to increase the block size from 1MB though otherwise fees are going to get out of control pretty quickly, a few weeks ago the automatic fees were almost $30 for a $50 transaction which a lot of people were paying because they don't know or don't care about manual fees.Quote

11-12-2017, 17:33:07

NeverBackDown
It's a bubble so long as nobody uses it. It can have $1 billion USD/Euro/Yen/whatever worth but until it's actually being used it's a bubble built on hype and people getting into it to get rich quick. Soon it will crash. Then bounce back again. It is a never ending cycle until governments allow it instead of fighting it.Quote

12-12-2017, 03:58:47

DARKSF
It is not a currency since no body will trade their stuff in something that is jumping up and down around 10% a day.
It is trading instrument.Like the ones that led to the financial crisis a decade ago.And while the Mortgage Securities had some physical component like the houses on mortgage the bitcoin has nothing. It only has the promise that it might become a real currency.And with taxes of over 20$ for transaction i don't see it as the replacement of everyday currency.Can you imagine taking a chocolate for 0.90$ and paying 20$ transaction fee ?!
It will burst , this year ,next year after 2 years but it will burst like any other thing that gets overevaluated.The only difference here is that most governments this time won't jump to save anyone cause that is unregulated marked.Some will win big time from the bitcoin lottery but many more people will loose.
And if you think that governments will accept to operate with currency not regulated by them you are just plain blind about the politics.Cryptocurrency will become the standard one day but that won't be the bitcoin but government created and regulated ones.And it will take time cause a currency that can be easily traced means a corruption that can be easily killed Quote
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