Economy

Bitcoin futures rise as virtual currency hits major exchange

Bitcoin futures rise as virtual currency hits major exchange

The price of a bitcoin was $16,571.03 as of 3:40 a.m. (0940 GMT), according to the bitcoin exchange Coindesk.

After CBOE, Bitcoin futures are expected to launch at CME and Nasdaq on December 18 and in January, respectively.

And the trading of its futures has predictably come under similar skepticism from doubters, who worry that the new market could be exposed to hacks, technical snafus or manipulation schemes. But it said the trading in the futures had not been disrupted.

Chicago-based exchanges Cboe and CME are to launch their bitcoin futures contracts later this month, which are helping to boost the price of the market up to record highs.

Cboe Global Markets Inc., one of the world's biggest regulated exchanges, began offering futures contracts at 6 p.m.in NY, capping a wild year for the digital currency that has captured imaginations and investment around the world, propelled by a 15-fold gain.

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Futures of the digital currency, Bitcoin started trading on Sunday.

Kenetic Capital managing partner has said that he expects bitcoin to reach $50,000 by the end of 2018 as the cryptocurrency market becomes globally accepted.

How much actual investor interest there will be in these bitcoin futures is still up in the air. JPMorgan Chase CEO Jamie Dimon has called bitcoin "a fraud".

Trading of Bitcoin futures marks a new milestone for the digital currency, which has already stunned the world by soaring 1,500 percent in 2017, easily making it the best performing financial asset this year.

Bitcoin's volatility was on full display Thursday. The cryptocurrency's price reached a high of more than $18,200 on December 8 before retracting to a low of $13,349 on Sunday. Such currencies are not tied to a bank or government and allow users to spend money anonymously. Others say they can be helpful methods of payment, such as in crisis situations where national currencies have collapsed.