Bitcoin passed $8,000 as institutional money inches closer to cryptocurrency markets
Joon Ian Wong 1 hour ago
One indicator is the increasing popularity of bitcoin futures. Over the weekend, the first year-long contract for the price of bitcoin was agreed by traders on the LedgerX platform, an issuer of derivatives regulated in the US. The contract is an option to buy bitcoin at $10,000 by Dec. 28, 2018. According to LedgerX, this carries an implied probability that bitcoin will be above $10,000 on that date. LedgerX has conducted $16 million in bitcoin futures trades since it opened for business on Oct. 20, according to CoinDesk.
Another major futures trading platform will also start Testung bitcoin derivatives today. The Chicago Mercantile Exchange (CME) will begin letting customers test bitcoin futures today. The exchange plans to let customers trade bitcoin futures for real before the year is up.