Bitcoin futures set to begin trading later Sunday

(AP) - The Latest on the debut of bitcoin futures trading (all times local):

(Image Source: Pixabay / MGN)

9:30 p.m.

Bitcoin futures are spiking in their first hours of trading.

Trading in the first-ever bitcoin futures began at 5 p.m. central time. At 9:15 CST, the futures contract that expires in January, which opened at $15,000, was trading at $18,010, according to CBOE Global Markets.

The CBOE's competitor exchange, the Chicago Mercantile Exchange, will start trading its own futures on Dec. 18.

The price of a bitcoin has soared since beginning the year below $1,000, hitting a peak of more than $16,858 Dec. 7 on the bitcoin exchange Coindesk. As of 9:10 p.m. CST, it was at $16,405.76 on Coindesk.

6:05 p.m.

After an initial hiccup, the first-ever bitcoin futures rose in early trading. The futures rose $540 to $16,000 on the Chicago Board Options Exchange.

The start of trading overwhelmed the website of the Chicago Board Options Exchange. "Due to heavy traffic on our website, visitors to www.cboe.com may find that it is performing slower than usual and may at times be temporarily unavailable," the exchange said in a statement. But it said the trading in the futures had not been disrupted.

Bitcoin is a digital currency that has exploded in popularly and volatility this year. Sunday marked the first time bitcoin futures have traded on a major U.S. exchange.

The CBOE futures do not involve actual bitcoin; they're securities that will track the price of bitcoin on Gemini, one of the larger bitcoin exchanges.

3:07 p.m.

A security based on bitcoin, the digital currency that has exploded in popularly and volatility this year, will begin trading on a major U.S. exchange for the first time on Sunday.

The Chicago Board Options Exchange, one of the nation's largest traders of options and futures in the U.S., will open up bitcoin futures for trading at 6 p.m. EST.

The CBOE futures do not involve actual bitcoin; they're securities that will track the price of bitcoin on Gemini, one of the larger bitcoin exchanges. Another large futures exchange, the Chicago Mercantile Exchange, will start trading its own futures on December 18.

The price of bitcoin began the year below $1,000. As of 4:00 Sunday, bitcoin was quoted at $15,375 on the bitcoin exchange Coindesk.



 
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