Bitcoin futures soar in first hours of trading

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On one side are the people who are drawn into the cryptocurrency because they believe bitcoin is better store of value than precious metals; On the other side, people are arguing that nothing can justify its current price increase. The first BTC futures trading session started at 15000 USD/BTC.

The contract was suspended for 5 minutes and reopened trading at 05:10 GMT. There were no trading halts Monday.

The one-month bitcoin contract opened at 6 pm local time (2300 GMT) on Sunday at $15,460, dipped briefly before rising to a high of $18,700 and then slipping again.

He also warned investors "should take note" that the underlying bitcoin market is "relatively nascent" and remains "largely unregulated".

"Markets came back in line and we reopened in an orderly fashion", said Tilly.

-The Cboe Bitcoin Futures Contract uses the ticker XBT and will equal one bitcoin. Japan's GDP grew 2.5 percent in the third quarter from the year before. In finance, these forward contracts are a non-standardised contract between two parties to buy or sell an asset at a specified future time at a price agreed upon today.

Somebody who invested $1,000 in bitcoin at the start of 2013 and had never sold any of it would now be sitting on around $1.2 million.

"This is kind of the classic bubble psychology", Timothy Lee, a senior tech reporter with Ars Technica, tells NPR's Weekend Edition Saturday. "The price goes up some more, and so it gets more coverage". It is beyond just technologist speculators. "We will see if that continues".

The actual opening of the Cboe market, an electronic trading venue, was a low-key affair, lacking the pomp of an initial public offering, which is often marked by the new entrant ringing the bell of the New York Stock Exchange. The reason in the oil market is likely that there is a cost to store oil, which is reflected in the higher futures price. Thursday's spike to a $0.28 high failed to lift Ripple from its $0.20 - $0.25 ranges and with the likes of Litecoin on the move, investors may well be reconsidering their choices. China posted a trade surplus of $38.17 billion in the month. Such currencies are not tied to a bank or government and allow users to spend money anonymously. "This week, for the first time, that correlation broke down, and I do think it has something to do with bitcoin".

The spot price of bitcoin pared losses after futures began trading in Chicago, ushering in a new era for the cryptocurrency.

Paul Donovan, the Global Chief Economist of UBS Wealth Management, put it simply: "UBS believes cryptocurrencies are a bubble... ignoring a bubble is the best course of action".

Traders will keep their eyes peeled for the Fed's future rate projections as U.S. wages growth and inflation crawl at a snail's pace.

Monday's bitcoin trade "is an excellent sign for the digital currency industry", said Jay Blaskey, digital currency specialist at BitIRA, which helps people purchase bitcoin for retirement accounts.