The bitcoin bandwagon just keeps rolling on.
The red hot digital currency hit new highs over the weekend — and it’s now got the weight of the world’s biggest exchange operator behind it.
Financial market giant CME Group (a similar move by its smaller rival Cboe Global Markets ( ).) launched bitcoin futures trading on Sunday evening in the U.S., a week after
The involvement of top financial institutions in the bitcoin market underscores its growing mainstream acceptance even as government officials, business leaders and economists continue to warn people against investing in it.
The CME launch “adds considerable legitimacy” to bitcoin trading, said Shane Chanel, an adviser at Australian investment services firm ASR Wealth Advisers.
Bitcoin’s price(around $19,000.) hit a record high earlier Sunday before the futures trading started on CME. It climbed to within a few hundred dollars of the $20,000 mark before slipping back. By early Monday, it was trading
ASR’s Chanel said that the launch of futures on CME should eventually help iron out some of the wild gyrations in the price of bitcoin.
And more big names in finance are also planning to get involved.
New York’s Nasdaq is expected to launch its own bitcoin futures trading sometime next year.
“If this market continues charging forward, (more) exchanges will be forced to act in the fear of missing out,” Chanel said.
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