The first day of CBOE Bitcoin futures trading went according to plan with the price of Bitcoin. Though going past $17,000 for the first time Monday according to CoinmarketCap.
The debut pushed prices high by as much as 26 percent. The initial volume also exceeded the expectations of dealers. Cboe’s Chairman Ed Tilly said in a Bloomberg Television interview that the debut saw about 20 trading firms actively participate.
The price rise came hours of Bitcoin futures launch Sunday. Almost brought down the website as masses flocked to it. The market triggered market backstops twice yesterday in the first six hours of trading — these backstops stop trading when there is heightened volatility. Tilly said Monday trading did not witness any circuit breakers.
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Michael Mollet, director of product development for CBOE, told the Washington Post,
“The trading has been orderly. We hit a couple of our circuit-breaker halts, but those were due to price movement in futures and not due to any systems issues. We halted like our rules said we would and opened back up”.
The January futures contract were also 18 percent higher at $17,710 as of 12:25 p.m. in New York from an opening level of $15,000, on 3,561 contracts traded.
CBOE chairman Ed Tilly has said the results are very encouraging.