Bitcoin makes ‘quiet’ stock exchange debut at $15,000 | Inquirer Business

Bitcoin makes ‘quiet’ stock exchange debut at $15,000

/ 09:26 AM December 11, 2017

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Cryptocurrency Bitcoin made its debut on a major bourse on Sunday, opening at $15,000 per unit at the Chicago Board Options Exchange (CBOE).

Around 23:20 GMT, the price of the currency had risen to $15,940 dollars on a futures contract scheduled for settlement on January 17, according to data provided by the CBOE.

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A futures contract is a financial product that allows investors to bet on whether the currency’s price will rise or fall.

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It is the first opportunity for professional investors to invest in bitcoin.

Many are wary about embracing bitcoin because it has no central bank backing it and no legal exchange rate.

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The first 20 minutes of trading saw volatility, with the price rising to $16,600 per unit before going down

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Bob Fitzsimmons, a futures manager at Wedbush Securities, told AFP approximately 150 trades were made in the first few minutes.

“It’s quiet,” he said.

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Its price was $15,250 in pre-opening trades that took place 45 minutes before the official start, Fitzsimmons added.

This was still far short of its highs of $17,000 on other non-regulated online platforms last week.

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The CBOE website was down at the time of the debut on Sunday.               /kga

TAGS: Bitcoin, CBOE, Chicago, currency, digital, Forex, Futures, Trade, virtual

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