CME Group self-certifies listing of bitcoin futures contract

A Bitcoin coin is seen in an illustration

Bitcoin has taken another step toward the financial mainstream, after a U.S. regulator said it would let two traditional exchanges begin trading in Bitcoin-related financial contracts.

CME Group has listed a bitcoin futures contract, to start on 18 December.

As per the analysts, the main derivatives of United States regulates that it would permit CME Group Inc and CBOE Global Markets to list bitcoin futures contracts, which had turned sentiment positive after a choppy week. It is now worth more than $11,000.

"Given the unprecedented interest in bitcoin, it's vital we provide clients the trading tools to help them express their views and hedge their exposure. To promote this, we will initially offer XBT futures trading for free".

The bitcoin futures, which will trade under the ticker "XBT", will be cash-settled contracts based on cryptocurrency exchange Gemini's auction price, Cboe said on Monday.

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In recent months, the price of bitcoin has fluctuated wildly, trading from a little over $1,300 in April up to more than $7,400 in early November, before falling again below $6,000 following the news that a much-anticipated "fork" in the bitcoin blockchain was not going ahead. But there are a couple of differences between bitcoin futures trading at the two exchanges.

On the other hand, CME plans to use the services of four bitcoin exchanges - Bitstamp, GDAX, itBit and Kraken - to set its Bitcoin Reference Rate (BRR).

The launch of the first bitcoin futures contracts on a regulated US exchange is expected to be a watershed moment for the cryptocurrency industry.

Last week, a JPMorgan global markets strategist forecast that the introduction of bitcoin futures would legitimize cryptocurrency in the eyes of both institutional and retail investors, transforming the cryptocurrencies into "an emerging asset class".

The announcement from the Commodity Futures Trading Commission (CFTC) that it will allow the futures to be traded was seen as a watershed moment for the currency.

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