The Chicago Board Options Exchange (CBOE)’s site became inaccessible just as it launched its first Bitcoin futures contracts on Sunday (10th December 2017) at 6 p.m. EST.
The site downtime- that CBOE credited to extensive traffic around the futures release in a post on Twitter – coincided with a sudden spike in the purchase price of Bitcoin, which jumped from $14,509 in 22:59 UTC to $15,732 in 23:06 UTC based on the analysis.
However as of press time, CBOE’s site is getting more accessible – information on the contracts being offered are accessible here — and the amount of Bitcoin has maintained at steady rate because of the first jump, Bitcoin Futures trading at $15,226.29 per BPI.
The Information coming in so far Indicate that buyer are really going to purchase contracts. Action was mainly based on the very first contract to perish on 17 January, 2018, along with social media articles pointing to purchases of contracts scheduled to expire on 14 March.
Based on CNBC report, 672 January contracts have been sold as of 7:10 pm EST, together with all the information service reporting a cost of $15,800.
In all, the chaotic beginning is perhaps a fitting launch to the Bitcoin Futures Trading of this new contract. CBOE’s is the very first to trade on a significant regulated market in the U.S, and it is set to be followed alongside week by CME Group, that has declared that it will start on 18 Dec its own products.
According to executives in the business, CBOE is expecting that the futures launching will cause other goods and solutions based around crypto-currencies, such as a potential change into exchange-traded notes and funds — given that the SEC provides its approval.