Economy

Bitcoin Eases From Record High, Bitcoin Gold Surges 17%

Bitcoin Eases From Record High, Bitcoin Gold Surges 17%

"Given increasing client interest in the evolving cryptocurrency markets, we have made a decision to introduce a bitcoin futures contract", Terry Duffy, CME Group chairman and CEO, said in a statement.

On the Luxembourg-based Bitstamp exchange, bitcoin jumped to as high as $6,351, up nearly 4 percent on the day.

The bitcoin futures contract will be cash-settled and based on the CME CF Bitcoin Reference Rate (BRR), which CME launched in November 2016 with London-based digital trading platform Crypto Facilities.

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The creation of bitcoin futures by the CME Group could finally make it possible to establish an exchange-traded fund that's based on the world's most popular cryptocurrency, which has been previously hard due to bitcoin's largely unregulated nature. CME is following a Chicago-based rival exchange operator, Cboe Global Markets Inc., in announcing plans for bitcoin futures.

Today, there are several other exchanges like GDAX, itBit, Bitstamp and Kraken that contribute towards calculating the Bitcoin Reference Rate. Previously, the largest USA options exchange - Chicago Board Options Exchange (CBOE) said that its Futures exchange is planning to offer cash-settled bitcoin futures maximum by early 2018.

ETFs and derivatives are likely to make Bitcoin trading a lot more palatable for hedge funds and mutual funds, as the instruments will allow them to hedge for the digital asset's volatility and avoid some of the hassles of investing in bitcoin directly. Just a month ago, CME President Bryan Durkin said on Bloomberg Television that "I really don't see us going forward with a futures contract in the very near future". At the press time Bitcoin is trading at $6353.24 level, according to the CoinMarketCap.


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