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Bitcoin - market update
Bitcoin is currently experiencing great volatility ahead of the introduction of bitcoin futures on US derivatives exchanges. Futures contracts will go live on the CBOE and CME exchanges in December and on NASDAQ in early 2018.
Bitcoin futures are seen by many as an important move in taking the cryptocurrency into the mainstream and legitimizing cryptocurrencies as an asset class. However, one broker told the Wall Street Journal in December that bitcoin futures would increase volatility rather than curb it.
Approaching mid-December, bitcoin was up nearly 1,600% on the year to levels above $16,000, sparking fears of a bubble.
Bitcoin looks “remarkably like a bubble,” said the Acting Governor of New Zealand’s central bank, Grant Spencer, in December.
“Over the centuries we’ve seen bubbles and this appears to be a bit of a classic case,” Spencer added.
Late in 2017, exceptional volatility remains the norm in Bitcoin. The remarkable cryptocurrency fell nearly 30% in just fifteen hours on Dec 22nd to $11,159, having settled one week earlier at levels close to $19,000. Bitcoin recovered, to levels above $15,000 but continues to require heart stabilizing medication for those trading it.