Bitcoin takes a big stride away from fringes of finance

[marcopolo]

CME Group’s October 31 announcement to offer futures on Bitcoin this month sent the cryptocurrency surging past $6,400. The move brings Bitcoin closer to mainstream finance, placing it alongside CME’s futures on interest rates, indices, commodities and currencies. 

Bitcoin’s price has soared. It started the year at $966, broke $5,000 on October 11 before settling at $6,362.65 on October 31. 

Futures are derivatives contracts that investors typically use to speculate on prices or hedge risk against turns in the market. Other major markets like stocks, bonds, commodities and currencies all have derivatives based on them. CME’s futures option would allow investors to hedge that Bitcoin’s price will rise, something that is difficult at present.

More detail : Bitcoin takes a big stride away from fringes of finance

[Jo Eshuijs]

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[Markian]

Well, as you now understand the price of 6000 dollars was not the limit for a bitcoin, it used to be almost three times higher. It is a pity that it fell again, we'll see how it will act.