NEW YORK: CME Group Inc, the world’s largest derivatives exchange operator, became on Sunday the second exchange to launch bitcoin futures trading, seeking to capitalize on the mania for the booming digital currency. The CME bitcoin futures opened at $20,650 and have so far traded as high as $20,650 and as low as $19,315 in a session that extends overnight into Monday. The launch of bitcoin futures is viewed as a major step in the digital currency’s path toward legitimacy that should ease the entry of big institutional investors. The decline in bitcoin futures volume had been expected, analysts said, given concerns about the cryptocurrency’s underlying volatility. Some investors believe the CME bitcoin futures could attract more institutional demand because the final settlement price is culled from multiple exchanges.

Source: New Strait Times December 18, 2017 00:00 UTC