CBOE launches Bitcoin futures; site crashes immediately

CBOE Bitcoin futures debuted Saturday December 10, with trading starting at 5 p.m. central and crashing of their website moments later “due to heavy traffic” according to a yesterday tweet by the company.

“Due to heavy traffic on our website, visitors to cboe.com may find that it is performing slower than usual and may at times be temporarily unavailable. All trading systems are operating normally.”

The company, however, said yesterday that the delays “have had no impact on trading activity.”

The market traded over 800 contracts in the first two hours of launching according to a different tweet by the company. The futures are trading under the ticker symbol “XBT”. The company is also waiving all fees for XBT futures in December 2017.

Related Coverage: Goldman Sachs to trade Bitcoin futures for clients

It reveals the huge demand for the product. Bitcoin responded by its price going up by over $1,000 in seven minutes. Besides high of over $16,000 witnessed at CoinMarketCap. The rise fell by $500 moments later. Meanwhile, Bitcoin seems to

Although not the first of websites reported to crash this year as a result of cryptocurrency dealings. Due to massive number of people flocking the markets as prices hopped massively from point to point. It is the first of kind of product to launch on traditional exchange.

The company said the centralized marketplace futures product would bring many advantages to traders, including transparency, efficient price discovery, deep liquidity and centralized clearing.

Also Read: Tokyo’s exchange sets initial step towards Bitcoin Futures

They, however, said that the products are subject to fiduciary obligations, capital reserve requirements. And banking compliance standards of the New York State Department of Financial Services. The futures are cash settled based on prices on Gemini, a digital asset exchange that allows people to trade Bitcoin and other cryptocurrencies. Further details on the contracts can be found here.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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