Sunday's bitcoin futures debut could change that, with backers hoping the market will confer greater legitimacy on the volatile cryptocurrency and lead to its wider use.
The start of trading is a first in the history of trading as unlike commodities, bitcoins aren't physical assets and unlike traditional currencies there is no central bank that backs the currency.
Advertisment Asian markets edged higher in Monday trade as investors focused their attention on the launch of bitcoin futures, and an upcoming U.S. Federal Reserve meeting slated for this week.
The CBOE futures do not involve actual bitcoin; they're securities that will track the price of bitcoin on Gemini, one of the larger bitcoin exchanges.
But, with next week seeing the launch of Bitcoin Futures on an even bigger futures exchange, the CME, we'll have to see how long cool heads prevail. Traffic to the CBOE website was so heavy right after the start of trading that the site experienced outages.
"Un nouveau sentiment d'optimisme" — May
Mais la conclusion d'un compromis sur le Brexit a éveillé 'un nouveau sentiment d'optimisme' pour la poursuite des négociations.
Essentially, by opening it to futures, Bitcoin owners could see the value of their own investments plummet because somebody decided they don't think it's worth quite as much as it first appears.
Futures are a type of contract in which a buyer and a seller agree on a price for a particular item to be delivered on a certain date in the future, hence the name.
The front-month bitcoin contract, which expires in January, traded at $17,970 on Monday morning.
In Australia, major miners rose following better-than-expected trade data out of China in the previous session: Rio Tinto added 0.4% and BHP was 0.1% higher. From an increase of nearly %1500 since the start of 2017 it jumped to 8% in approximately 10 minutes after the futures trading began.
Bitcoin is a digital currency that has exploded in popularly and volatility this year. They are basically lines of computer code that are digitally signed each time they are traded. Many larger Wall Street brokerages and clearinghouses, including Goldman Sachs and JPMorgan Chase, are either not allowing customers to trade bitcoin futures or only allowing select clients to do so.
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