RATE Group | Launch of bitcoin futures dragged down prices, Fed paper shows
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Launch of bitcoin futures dragged down prices, Fed paper shows

08 May Launch of bitcoin futures dragged down prices, Fed paper shows

Posted at 02:55h in Bitcoin News by

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Peak bitcoin prices lined up with the day the Chicago Mercantile Exchange, or CME, introduced bitcoin futures trading on Dec. 17. That same day, bitcoin hit a high of $19,783, according to data from CoinDesk. The Chicago Board Options exchange, or CBOE, also opened a futures market a week earlier but trading there was thin, the letter said.

Bitcoin’s 12-month performance

Source: CoinDesk

Until futures existed it was extremely difficult, if not impossible, to bet on the decline of bitcoin prices, the researchers said. As optimistic investors continued to bid up, the cryptocurrency rose more than 1,300 percent in 2017.

The pessimists meanwhile, had no…

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