Bitcoin futures prove major success on US debut

The US market debut of bitcoin futures saw a surge of an almost 22 per cent before their price fell back down to a 13 per cent on Monday. 

Backers of the popular cryptocurrency have been eagerly awaiting US markets to begin trading bitcoin futures as this could help increase bitcoin's legitimacy and leader to wider use among the general populace. 

Bitcoin futures have previously been offered on a number of unregulated cryptocurrency exchanges outside of the US, last weekend was the first time investors could speculate on the currency using a mainstream regulated exchange.    

The Chicago-based Cboe Global Markets' (CBOE.O) had its bitcoin futures debut on Sunday but due to heightened traffic during the launch, its website went down and was temporarily unavailable.    

The exchange's one-month bitcoin contract <0#XBT:> started trading at $15,460 and then rose to a high of $18,700 after which it slipped down to $17,450.  The two-month contract traded at $18,880 while the three-month contract was up as high as $19,040. 

Just 12 hours after launch, 2,780 contracts were traded which amounted to $48.5 million invested in in half a day.     

So far in 2017, bitcoin is up by more than 1,500 per cent after starting the year at under $1,000.  This past month the cryptocurrency has been quite volatile which has raised a number of concerns among investors and financial institutions that are only now taking bitcoin's future seriously.   

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