Bitcoin price soars as futures trading begins

New York: Despite warnings on bitcoin as a bubble, the virtual currency began with a bang on Wall Street with the January 2018-expiry futures at $18,700 per coin on Monday, up by 21% from the opening price of $15,000. The virtual currency’s debut on Chicago Board Options Exchange on Sunday brightened its chances of becoming an accepted financial product. The first two hours of trading were marked by confusion caused by heavy traffic and website crash. Central bankers had warned of bitcoin’s unpredictability and value crashing down. The futures do not involve actual bitcoin. They are securities that will track the price of bitcoin on Gemini, one of the larger bitcoin exchanges. Another futures exchange, the Chicago Mercantile Exchange, will start trading its own futures on December 18.