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BTCSD has shown a remarkable turbulence since last week, please be noted that there has been steep slumps as well as sharp spikes on the back of much-speculated news of CBOE’s launch of bitcoin futures.
Well, if the past week wasn’t eventful enough, Bitcoin’s price saw major swings as Chicago Board Options Exchange (CBOE) officially launched their Bitcoin futures contracts on Sunday, at 5 PM Central Time (refer daily chart of BTCUSD for the considerable price volatility). While long-term price uptrend seems to be intact for now (refer monthly plotting) with corrections as the dubious participants perceive the current trend of this price level has created an asset bubble.
Just as Bitcoin surged to $19,600 mark at Coinbase exchange ahead of hard fork news, the market behavior seems to be Equanimous, establishing the new milestone in the recent past leading up to one more important event that’s scheduled on 18th by CME.
Well, Bitcoin futures (XBT) trades on CBOE over 800 contracts in the first 2 hours post launch.
On the flips side, as the futures at CBOE launch just days after Bitcoin peaked to $20,000 on the Korean markets, consequently, South Korean authorities decided to ban futures trading for now.
However, as there is a lot of turbulence and skepticism lingering around the impact of futures contracts on Bitcoin, since futures are a cash-settled market, and traders do not have to buy or sell the actual cryptocurrency. That being said, there is a chance that some of the institutional money pouring into Bitcoin derivatives could spill over into actual crypto markets as traders try to hedge risk.
