Itz Chennai
  • WELCOME !
    • 2017 Jallikattu Protest
    • HOTELS IN CHENNAI >
      • Budget Hotels
      • 1 Star Hotels
      • 2 Star Hotels
      • 4 Star Hotels
      • 3 Star Hotels
      • 5 Star Hotels
    • TEMPLES IN CHENNAI
    • BARS & PUBS
    • TRANSPORT- GET IN
    • RESTAURANTS
    • EDUCATION >
      • SCHOOLS
      • ENGINEERING COLLEGES - CHENNAI
      • DIPLOMA COLLEGES
      • MEDICAL & DENTAL COLLEGE
      • ARTS & SCIENCE COLLEGE
    • CLIMATE IN CHENNAI
    • COMPANIES >
      • PLACEMENT CONSULTANCY - CHENNAI
    • HOSPITALS IN CHENNAI
    • PLACES TO VISIT
    • SHOPPING CENTERS
    • ENTERTAINMENT
    • REAL ESTATE IN CHENNAI
    • TELEPHONE DIRECTORY
    • PRIDE OF CHENNAI
    • MARRIAGE HALLS
    • POLICE STATION
    • LADIES HOSTEL
    • OLD AGED HOMES
    • POSTAL CODE - CHENNAI
    • MEDIA
    • QUICK LINKS
  • NEWS TREND
    • MOVIE REVIEWS
  • TECH TRENDS
  • SPORTS BUZZ
  • TOWNS
    • COIMBATORE
    • KUMBAKONAM
    • MADURAI
    • OOTY
    • KODAIKANAL
    • YERCAUD
    • MAMALLAPURAM
    • KANCHIPURAM
    • THANJAVUR
    • TIRUVANNAMALAI
    • TIRUCHIRAPPALLI
    • CHIDAMBARAM
    • SIRKAZHI
    • PALANI
    • KANNIYAKUMARI
    • RAMESWARAM
  • CONNECT WITH US
  • WELCOME !
    • 2017 Jallikattu Protest
    • HOTELS IN CHENNAI >
      • Budget Hotels
      • 1 Star Hotels
      • 2 Star Hotels
      • 4 Star Hotels
      • 3 Star Hotels
      • 5 Star Hotels
    • TEMPLES IN CHENNAI
    • BARS & PUBS
    • TRANSPORT- GET IN
    • RESTAURANTS
    • EDUCATION >
      • SCHOOLS
      • ENGINEERING COLLEGES - CHENNAI
      • DIPLOMA COLLEGES
      • MEDICAL & DENTAL COLLEGE
      • ARTS & SCIENCE COLLEGE
    • CLIMATE IN CHENNAI
    • COMPANIES >
      • PLACEMENT CONSULTANCY - CHENNAI
    • HOSPITALS IN CHENNAI
    • PLACES TO VISIT
    • SHOPPING CENTERS
    • ENTERTAINMENT
    • REAL ESTATE IN CHENNAI
    • TELEPHONE DIRECTORY
    • PRIDE OF CHENNAI
    • MARRIAGE HALLS
    • POLICE STATION
    • LADIES HOSTEL
    • OLD AGED HOMES
    • POSTAL CODE - CHENNAI
    • MEDIA
    • QUICK LINKS
  • NEWS TREND
    • MOVIE REVIEWS
  • TECH TRENDS
  • SPORTS BUZZ
  • TOWNS
    • COIMBATORE
    • KUMBAKONAM
    • MADURAI
    • OOTY
    • KODAIKANAL
    • YERCAUD
    • MAMALLAPURAM
    • KANCHIPURAM
    • THANJAVUR
    • TIRUVANNAMALAI
    • TIRUCHIRAPPALLI
    • CHIDAMBARAM
    • SIRKAZHI
    • PALANI
    • KANNIYAKUMARI
    • RAMESWARAM
  • CONNECT WITH US

Bitcoin futures soar amid frenzy over virtual currency

12/12/2017

Comments

 
The Cboe futures don't involve actual bitcoin. They allow investors to make bets on the future direction of bitcoin.
Picture
Wall Street got its first taste of bitcoin on Monday, with the price of the first-ever futures contract for the digital currency jumping 20 percent.
​
It's a step forward for the bitcoin, which has soared this year despite concerns that the surge of investor interest has transformed it from a new-age currency into just the latest speculative bubble.

One prominent securities regulator warned that people were now taking out second mortgages on their homes to buy bitcoin.

The January contract for bitcoin futures closed at $18,545 on the Cboe Futures Exchange. Trading began Sunday and the price rose as high as $18,850, according to data from the Cboe.

The bitcoin futures first day of trading was not entirely smooth. The Cboe's website crashed several times or slowed down, due to a surge of interest. The exchange halted trading twice on the first day to stem volatility. The exchange operator has rules in place to stop trading after price swings of 10 percent.

The Cboe said at least 20 trading firms "actively participated" in the first day of trading, without giving specifics. Volume of the bitcoin futures was relatively low, trading less than 4,000 contracts compared with the tens of thousands that typically trade for more popular commodities like oil, gold, or wheat, or the hundreds of thousands of contracts for popular stock-based futures like the S&P 500.

The Cboe futures don't involve actual bitcoin. They allow investors to make bets on the future direction of bitcoin. Monday's futures price indicates investors expect bitcoin to keep rising in the coming weeks, although at a slower pace than seen recently. The futures price was about 8 percent higher than the price of $17,100 quoted for bitcoin on the large private exchange CoinBase late Monday afternoon.

But with the surge of interest has come concerns about the bitcoin market being in a bubble. In an interview on business network CNBC, North American Securities Administrators Association President Joseph Borg said he observed some people taking out mortgages on their house to buy bitcoin.

While bitcoin has a vocal group of true believers, it also attracts its fair share of detractors. JPMorgan Chase CEO Jamie Dimon has called bitcoin "a fraud." Thomas Peterffy, chairman of the broker-dealer Interactive Brokers Group, expressed deep concerns about the trading of bitcoin futures last month, saying "there is no fundamental basis for valuation of Bitcoin and other crypto-currencies, and they may assume any price from one day to the next."

But there is some hopes that bringing bitcoin to a public exchange like the Cboe or the Chicago Mercantile Exchange will bring some regulation or legitimacy to the world of crypto-currencies.​
Comments

    Categories

    All
    360 Videos
    Acer
    AI
    Alexa
    Amazon
    Android
    Apple
    Artificial Intelligence
    Automotive
    Bitcoin
    Blockchain Technology
    CES
    Cryptocurrency
    Cryptocurrency Mining
    Cyberattack
    Cybersecurity
    Digital Payments
    Facebook
    Fibrenet
    Google
    Google Maps
    Hackers
    Harman Kardon
    Honor
    HP
    Huawei
    Intel
    Internet
    IOS
    IoT
    ISIM
    Jio
    Konica Minolta
    Lenovo
    LG
    Life Style
    McAfee
    Microsoft
    MIUI
    MWC2018
    Netflix
    Net Neutrality
    Nokia
    Oneplus
    Oppo
    PC
    Pixel
    Qualcomm
    QUANTUM ENCRYPTION
    Redmi
    Reliance Jio
    Robots
    Samsung
    Shazam
    Siri
    Smart Gadgets
    Smart Mobility
    Smartwatches
    Snapchat
    SONY
    Speakers
    TeamViewer
    Tech Buzz
    Tech Helps
    TESLA
    TRAI
    Trending
    Twitter
    Upcoming Tech
    Vivo
    VR
    Whatsapp
    Windows
    Xiaomi
    YouTube

    RSS Feed

Powered by Create your own unique website with customizable templates.