USA approves bitcoin futures but Brits plan regulatory crackdown

CME to launch bitcoin futures trading on December 18

Bitcoin's price has soared tenfold this year, prompting many market participants to warn of a bubble as it topped Dollars 11,000 for the first time last week.

As per the analysts, the main derivatives of United States regulates that it would permit CME Group Inc and CBOE Global Markets to list bitcoin futures contracts, which had turned sentiment positive after a choppy week.

On Friday a U.S. federal regulator gave the go ahead to the CME Group to start trading bitcoin futures later this month, the first time the digital currency will be traded on a Wall Street exchange and subject to federal oversight.

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The move is clearly meant to steal the thunder from fellow Chicago derivatives exchange CME, which announced on Friday that it will list bitcoin futures on December 18.

Cryptocurrency that trades 24 hours a day and seven days a week, climbed as high as $11,799.99 on the Luxembourg-based Bitstamp exchange. Its price has jumped more than tenfold this year. Duffy sought to assuage those concerns by stressing that the contracts will be subject to a myriad of risk management tools to prevent bitcoin's volatility from having unwanted ripple effects into other markets.

Nasdaq Inc also plans to list a futures contract based on bitcoin in 2018, Reuters reported last week. Bitcoin's market capitalization reached $192.3 billion on Monday afternoon Beijing time, as the price of the cryptocurrency surged to $11,503, according to data provider CoinMarketCap. At the time in August, the CBOE was working with New York-based bitcoin exchange Gemini, which is run by investors Cameron and Tyler Winklevoss, ahead of the launch.

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Denis Baranov, a principal consultant at technology consultancy DataArt, says some bitcoin exchanges already offer futures, but the support of a major exchange could boost bitcoin's legitimacy.

The announcement from the Commodity Futures Trading Commission (CFTC) that it will allow the futures to be traded was seen as a watershed moment for the currency.

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