After all the collective fears about what the introduction of bitcoin futures will do to the cryptocurrency world, now everyone can stop holding their breath. It happened and there's no turning back. And you can't say that's bad news, because after CBOE finally started futures trading with bitcoin its price has started climbing.
The trading started yesterday on Gemini exchange at a price of $15000. As of now, the price is still rising and passed the $16500 mark. And the futures with expiration on January 2018 were trading at $18500, so the rise is $3500.
The rapid climb has already triggered two so called circuit breakers, which essentially is a defense mechanism implemented by the CBOE to give traders chance to stop and think over their next action, if any sudden price fluctuations take place. According to technical information, any gain or loss of more than 10% triggers a two minute break in trading to assess the situation, and any move above 20% will give a five-minute pause.
The introduction of bitcoin futures, which trade under the XBT ticker, can be the next big thing of trading market, because already more than 2000 contracts have been exchanged, and considering that one contract represents one Bitcoin, the total trading volume already exceeds $30 million. The demand was so high, actually, that the exchange's website had crashed under load almost immediately after opening the XBT trading option.