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CBOE To Discontinue Bitcoin Futures Trading

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CBOE To Discontinue Bitcoin Futures Trading

CBOE Global Markets announced last week that it does not intend to list additional XBT futures contracts for trading, according to The Wall Street Journal

What Happened 

XBT is the symbol for bitcoin futures listed by CBOE. Monthly futures contracts expire every month; since CBOE will not list new futures going forward, the market will wind down with the expiration of the final contract in June, according to WSJ

Why it’s Important

Chicago-based CBOE introduced bitcoin futures in December 2017 during a run-up in cryptocurrency prices. 

Bitcoin was trading at $3,961.41 at the time of publication Monday; the crypto hit its all-time high of $20,000 the same month that CBOE launched the futures. 

At the time of the launch, one bitcoin was worth nearly $17,000. On Friday, the crypto was trading just below $4,000.

What’s Next

The notice to traders said CBOE is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading, according to WSJ. 

Goldman Sachs Group Inc (NYSE: GS) said early last year that it was planning a bitcoin trading desk, but it has not launched, WSJ said. 

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Posted-In: Bitcoin Wall Street Journal Cboe Global MarketsCryptocurrency Fintech News Markets Media Best of Benzinga

 

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