The January contract futures exchange at the Chicago Board options exchange (CBOE) yesterday closed at $11 055 for 1 BTC, so it’s time to sum up the first results of the launch of the first cryptocurrency derivatives.
The collapse of the futures compared to the price at launch was due to General correction of the cryptocurrency market since the launch of futures on 10 December happened just a week before the bitcoin historical high set on December 17. In the early days the market was full of optimism, and the futures managed to get above $20,000, but that was followed by a violent retracement. Just this week the bitcoin exchange rate fell to $9220, but at the moment the price is already at the borders of $12 000. The price started coming back immediately after close of the January contracts on bitcoin and it can be more than a coincidence, although the correction, there were some serious reasons.
Plans to exchange CBOE was the launch of futures on other major cryptocurrencies, but it will take some time, especially given the decline in optimism:
«If you take a closer look at cryptosphere in General, we can see that other products also have the liquidity, that is, it makes sense to run derivatives», — said on Wednesday the head of CBOE Chris Concannon (Chris Concannon).
Trade in futures exchange the Chicago stock exchange was opened on December 10 last year. The market expected a positive reaction to this event, however, the instrument showed high sensitivity to the statements of regulators and changes in the market altcoins.
In General while it is impossible to associate the fall in the price of bitcoin futures on bitcoin. The total volume of all the prisoners of the January contracts was too small compared to the total market capitalization of bitcoin. More important is the role played by fundamental factors and the fact that futures traders are mostly played on the slide, but it is still impossible to assert unequivocally that this was the cause.
A week later, on January 26, will be closed January futures for bitcoin on the CME. At the moment, their price is close to spot at $11 500, while June futures are still trading above $12 125 therefore, traders are still optimistic in the medium term bitcoin.