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Milestone: Cboe's First Bitcoin Futures Contract Expired Today
The first bitcoin futures contract listed by Cboe has expired, a move that came amid a turbulent day of trading that saw the cryptocurrency's price drop below $10,000.
By Stan Higgins
Updated Sep 13, 2021, 7:23 a.m. Published Jan 17, 2018, 10:30 p.m.
The first bitcoin futures contract listed by Cboe has expired, a move that came amid a turbulent day of trading that saw the cryptocurrency's price drop below $10,000.
First listed in mid-December, the futures had a rocky start but ultimately those platform issues were resolved. The opening day for the contract saw the price climbing above $15,000.
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According to data from CNBC, the F8 contract settled at a price of $11,055, a notable development considering that, at one point today, the price of bitcoin slid to as low as $9,199.59, according to CoinDesk's Bitcoin Price Index.
Yet in the period of time after the F8 contract settled, bitcoin's price appears to be reversing the trend it has seen in the past two days. At press time, the BPI is reporting a price of $11,344.66 – a figure that is just several dollars above the day's open.
data suggests that the market for its G8 contract (set to expire on 2/14) is trading slightly below the market, with the firm's official website reporting a price of $11,220.00.
As for what the future will bring for Cboe's work in the cryptocurrency space, a recent press event covered by Bloomberg suggests that the company may explore products built around other coins – but that is likely to come after more months of work around the futures product.
Speaking to reporters, CEO Ed Tilly said that the process could lead to something like an ETF – a long-sought product – but only if regulators are firmly on board.
"Before you get into mainstream [exchange-traded products], we need to get through a series of settlements before that makes sense to regulators," Tilly was quoted as saying, adding:
"Those boxes have to be checked before theres' a mass roll-out of exchange-traded products."
Market graph image via Shutterstock
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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