At the beginning of 2017, the highly volatile Bitcoin was valued at just below USD1,000, however recently it has skyrocketed well into the teens at a high of over USD19,000.
Latest Bitcoin news:
The world’s second Bitcoin futures officially launch yesterday, 18-Dec-2017, by Chicago based investment firm CME Group. CME Group’s Bitcoin futures will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin.
CME Group Chairman and Chief Executive Officer Terry Duffy said: “We are pleased to bring Bitcoin futures to market after working closely with the CFTC and market participants to design a regulated offering that will provide investors with transparency, price discovery, and risk transfer capabilities. Though we have worked through a lengthy, comprehensive process with the CFTC to get to this point, we recognise bitcoin is a new, uncharted market that will continue to evolve, requiring continued collaboration with the Commission and our clients going forward. At launch, our new Bitcoin futures contract will be subject to a variety of risk management tools, including an initial margin of 35%, position and intraday price limits, and a number of other risk and credit controls that CME Group offers on all of its products.”
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