How CME's First Week of Bitcoin Futures Trading Went
Bitcoin (BTC) has become the most popular investing story of 2017, and investors have poured into the bitcoin market looking for ways to place their bets on future moves in the cryptocurrency's price. The launch of the CME Group's (NASDAQ: CME) bitcoin futures marked a turning point for many institutions, giving them a chance to take positions on either side of the crypto trade.
The first week of CME bitcoin futures trading was tumultuous, with considerable volatility in both directions. Bitcoin's choppiness will likely continue, at least until traders in futures get more comfortable with the mechanics and tendencies of the bitcoin futures market.
The CME futures use what's known as the bitcoin reference rate, which is a composite of prices on multiple bitcoin exchanges. The trend in the bitcoin reference rate was clearly lower this week, as the table below shows.
Source: Fool.com
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