In the night of Monday on the Chicago Mercantile exchange (CME) were opened trades in futures contracts on the bitcoin maturing in January, February, March, and June 2018. Almost immediately after the start of trading in January contracts at $ 20 800, the price began to fall and reached a low of $18 345, adjusted at the time of publication to $19 300. However, a drop of 4% is considered insignificant for the world of cryptocurrency. Longer contracts are now kept at the level of $20 000.
However, the scope of the contracts of January is not very substantial even by the standards of cryptocurrency exchanges. In January 2018 now open 656 contracts. Given the fact that the face value of each is 5 BTC, only BTC 3280, that is several times less than the daily turnover of the leading cryptocurrency exchanges. The volume of longer contracts and does not worth attention.
There is a significant contrast in market reaction to futures CME and a 19% increase after the CBOE started trading new tools last week. However, bitcoin fell to four thousand dollars a few days before the opening of trading CBOE, so a significant increase is not surprising. The launch of futures on CME started after most exchanges traded bitcoin record price, so a slight drop with these new highs is not essential.
There are many theories about the future of Bitcoin after the opening of the CME market, one of them is the possibility of a massive open short positions by large investors. However, even a hater of Bitcoin, the head of JPMorgan Chase Jamie Dimon acknowledged that bitcoin could reach $100,000 before you burst.
In the first hours of trading is still impossible to draw far-reaching conclusions, as their trading volumes on the CME yet leave much to be desired and can have a significant impact on the market. Futures will begin to have a stabilizing effect only after the size of the positions on the exchanges would begin in the hundreds of thousands of BTC.