December 11, 20172min709

CBOE’s page crashed due to Bitcoin futures launch

The Chicago Board Options Exchange (CBOE), webpage and online trading platform became unavailable; just as it launched its first Bitcoin futures contracts, because of unexpected spike and demand in volume.

According to Tokyo-based technology journalist Yuji Nakamura, CBOE Bitcoin futures processed $401,600 worth of trades within the first 20 minutes.

Price of Bitcoin suddenly jumped from $14 509 to $15 732 in just a few minutes when they launched the futures.

CBOE’s website is becoming more available. Delayed information about the contracts being offered can be found here and the price of bitcoin has maintained a somewhat steady pace since that initial jump.

The data coming in thus far suggest that buyers are indeed moving to purchase contracts. They largely centered the activity around the first contract to expire, dated on 17 of January  2018. With social media posts pointing to purchases of contracts that are to expire on March 14.

The tumultuous start is perhaps a fitting start to the trading of the new contracts. CBOE’s is the first to be traded on a major regulated exchange in the U.S.. Next week the CME Group will follow. TheGroup has announced that it will launch its own products on 18 of December.

According to executives from the firm, CBOE is hoping that the futures launch will lead to other products and services centered around cryptocurrencies; including a possible shift into exchange-traded funds and notes.

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