After seeing a drop off in price and observing crashes in two big exchanges, Bitcoin is back with another step forward towards the financial mainstream adoption. Two of the world’s biggest futures exchanges, CME Group and CBOE Global Markets, have been given a regulatory approval to list bitcoin futures.
CME Group and CBOE Global Markets futures exchanges will begin offering Bitcoin futures to investors by the end of this month. CME Group being a top marketplace for derivatives handles contracts worth around $1 quadrillion annually. The firm was earlier planning to roll out Bitcoin futures and now it has been given the green signal from the US regulator.
Must Read: How to buy Bitcoin in Pakistan
The announcement was made by the Commodity Futures Trading Commission (CFTC). It has cleared the way for CME and CBOE to become the first conventional U.S. regulated exchanges to begin trading in the bitcoin-related financial contracts. This is a historical moment for cryptocurrency which will boost its potential globally.
Investors will be easily able to purchase and sell ‘future’ contracts in Bitcoins. This will enable investors to make an agreement before buying the crypto-currency, for example, in three months time at a certain price.
CME and CBOE will also coordinate with each other in terms of data sharing, making it easier for CFTC to conduct its own surveillance on the new financial contracts. The future exchanges will also be capable of predicting “Bubble Explode” risk with the help of surveillance.
It has been a volatile week for the most dominated cryptocurrency, as it smashed $10,000 barrier, then rocketing past $11,000 mark, later on, went below $10,000. A bitcoin future will enable investors to bet on the future price of bitcoin without actually holding the coin itself.
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