Bitcoin trading was all over the place in the lead up to the launch, with the price of bitcoin surging $1,700 in early morning trading to $15,591.63 at 9:30 a.m. EST before continuing to fluctuate, dropping to a low of $14,532.54 just prior to debut of the futures at 6 p.m.
8, 2017, photo shows the Chicago Board Options Exchange website announcing that bitcoin futures will start trading on the CBOE on Sunday evening, December 10.
On the USA -based Bitfinex exchange, Bitcoin was at $13,951.00 by 08:12 AM ET (13:12 GMT), after going as low as $12,748.00 earlier.
For traders who want to get in on the action starting next week, trading the new CBOE bitcoin futures contracts is simple. Since many in high finance see Bitcoin's meteoric rise in recent weeks as a classic bubble, a few might be tempted to bet against it.
Yet as of press time, CBOE's website is becoming more available - delayed information about the contracts being offered can be found here - and the price of bitcoin has maintained a somewhat steady pace since that initial jump, trading at $15,226.29 per the BPI. In an interesting twist, Forbes reports that Torsten Slok, Deutsche's Bank's chief worldwide economist has issued a warning to clients warning not only will the bitcoin bubble burst in 2018, its crash will also impact the global economy.
Last week Goldman Sachs CEO Lloyd Blankfein claimed that Bitcoin was "a vehicle to perpetrate fraud" as the value of the cryptocurrency plunged 20% in less than 24 hours. The futures will allow investors to bet that bitcoin's price will go down, called shorting bitcoin, which now is very hard to do.
This was still far short of its highs of United States dollars 17,000 on other non-regulated online platforms last week.