Bitcoin futures are now tradable on the CBOE

Bitcoin futures trading on CBOE, the world’s largest futures exchange, just launched at 5pm CT.

Within a minute of the launch bitcoin spiked about 10% from ~$14,700 all the way up to $16,200 before settling a few minutes later to around $15,500, up about 5%. Now an hour after launching the actual price of bitcoin is still up, trading around $15,350.

Currently the settlement price of the January 1st, 2018 futures contract is pegging the digital currency’s future price at $15,700 with relatively little volume being traded. Each contract is pegged at one bitcoin, meaning volume exchanged has totaled about $7.7M with actual dollars traded being less since the contract only requires a 30% margin requirement.

The circuit breaker was hit at least once after trading started, which stops trading for 2 minutes after a 10% move and 5 minutes after a 20% move up or down.

516 contracts have traded for the January settlement date, with only a couple of contractsfor the March 2017 settlement date have traded so far.

CBOE’s website went down as futures trading launched, but this was mainly because of a spike in interest and not necessarily trading volume. Trades need to be made through brokerage platforms, so CBOE’s site really only provides quotes and information and not the functionality to actually trade options…

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