The second major future based on bitcoin is launching to trade on the CME.
The CHICAGO MERCANTILE EXCHANGE Group, one of the USA's most significant exchanges of options and futures contracts ,made available bitcoin futures contracts for trading at 6 p.m. EST Sunday. The initial price for bitcoin futuress was $20,650, and the crypto currency was trading at $20,135 at 6:08 p.m. EST.
The virtual currency has skyrocketed in popularity and gain this year though drawing challenges relating to its volatility.
The CME bitcoin futures, like the bitcoin futures that now trade on the Chicago Board Options Exchange, do not contain factual bitcoin. They will track an index of bitcoin price. Each contract will be for 5 bitcoin.
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A CME bitcoin futures contract represents five bitcoin, while its rival Cboe contract represents one bitcoin.
EST for CME Bitcoin Futures. Although the Chicago Board Options Exchange (CBOE) had opened a futures market a week earlier on December 10, trading was thin until the CME joined the market. EST on the Cboe Futures Exchange (CFE).
It is therefore a way to speculate on price movement, without owning the actual asset.
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