Bitcoin, for the very first time in stock exchange history, opened doors to the public on Sunday. The continuously growing virtual currency can now be traded on futures market exchanges, and it did it according to plan.
The Chicago Board Options Exchange (CBOE) started Bitcoin futures trading with a $15,000 price. Fortunately, the price quickly rose to $16,000 within the first few hours of trading and even caused CBOE’s website to crash due to the overwhelming number of unexpected trades.
“Due to heavy traffic on our website, visitors of www.cboe.com may find that it is performing slower than usual and may be temporarily unavailable at times,” CBOE said in a statement.
But the website crash did not affect trading and as the day went by. It was reported that trading the futures continued to be more smoothly. “Orderly trading on all exchanges continuous, and intermittent website delays have had no impact on trading activity.” CBOE posted on Twitter.
Another stock exchange, the Chicago Mercantile Exchange (CME) will also include trading of Bitcoin futures starting December 18.
Ups and downs
Bitcoin is not slowing down as it continues to display its strength in price. Although, Bitcoin did show its volatility as its highs were faced with lows too. On Sunday, before it debuted in the stock exchanges, Bitcoin’s price fell to $13,000 just before it reached the $16k milestone. As soon as the exchanges opened, the price went up to more than $16,500 and analysts predict that the move to $20,000 isn’t too far ahead, possibly before the year ends.
Bitcoin’s future in Futures Trading
The futures market paves the way for further acceptance in the mainstream community and hopefully, more Bitcoin markets will follow suit and accept trading in their stocks. Hopefully, if Bitcoin does become part of the mainstream payment methods, it does it without compromising the gist of decentralized payments.
The futures market offers a way for investors to profit off Bitcoin’s price movements, and cryptocurrency’s volatility is something that brings thrills and profit-making opportunities. Additionally, the futures market is usually present in commodities trading, including wheat, soy, gold and other common resources; hence, Bitcoin and its benefits bring something new to the table.
With that in mind, what does the future look like? As Bitcoin entered the stock exchanges, the volume of money is entered into the Bitcoin market might be the push it needs to potentially grow.