Market - - Dec 18,2017
Last night, Bitcoin futures acquired a huge boost as CME Group, the world’s biggest futures exchange, initiated its trading concerned with the financial futures market.
The value of Bitcoin has moved another milestone with its participation into mainstream investment since it started trading on the large Chicago Mercantile Exchange market.
On Sunday, it was recorded that the digital currency advanced to $20,000, but later drifted below $19,000. Already, Wall Street businesses already trade on CME, and their bitcoin-tied products are viewed as a step toward passing the virtual asset into the financial mainstream.
Institutional traders are allowed to buy and sell futures; however, only a few can hold or trade in actual bitcoin due to regulatory motives. As per reports, TD Ameritrade, known as a major brokerage for retail traders, would permit the buying and selling of bitcoin futures.
This year, Bitcoin prices have hiked majorly. A single coin was valued at $1,000 in January and on Sunday the value was recorded at $19,783. According to analysts, CME's admission into the Bitcoin market would work to create more inclination towards the crypto-currency.
On Sunday, UBS bank’s chairman and former Bundesbank head Axel Weber added his say to the growing Bitcoin warnings. He said, "Bitcoin is not money," in an interview and insisted active intervention from regulators. Moreover, Bruno Le Maire, French finance minister has called out the issue to be debated at the G20 summit comprising of major economies which would be held in April.
CBOE Bitcoin futures rose nearly 20% on their debut run on Monday. Furthermore, 4,000 plus contracts swapped hands by the end of the day.
With this growing interest towards the digital currency, the cluster of warnings is also surging.