Bitcoin Monthly Outlook - December 2017

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Trading will begin, under the ticker symbol "XBT", at the start of global trading hours at 6 p.m. ET, and will be free through December.

CME's bitcoin futures will be based on a "Bitcoin Reference Rate", which will be a "a once-a-day reference rate" based on the US-dollar price of the coins.

Bitcoin trading markets seem to have already priced the CBOE's move into their assessment of the cryptocurrency's price. CBOE's stock has run up 68% year to date, while the S&P 500 has gained 18%.

CME on Friday announced the launch of its bitcoin futures contract on december 18, available for trading on the CME Globex electronic trading platform.

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Bitcoin has gained more mainstream attention lately as its price has soared on the private exchanges.

"Although we have worked through a lengthy, comprehensive process with the CFTC (Commodity Futures Trading Commission) to get to this point, we recognize bitcoin is a new, uncharted market that will continue to evolve, requiring continued collaboration with the Commission and our clients going forward", Terry Duffy, CME Group chairman and CEO, said in the statement. The first bitcoin futures contracts on a regulated US exchange are set to launch on Sunday. For example, traders are not allowed to hold more than 1,000 bitcoin futures contracts at the same time in CME. Bitstamp, GDAX, itBit and Kraken are the constituent exchanges that now contribute the pricing data for calculating the BRR.

Last week, a JPMorgan global markets strategist forecast that the introduction of bitcoin futures would legitimize cryptocurrency in the eyes of both institutional and retail investors, transforming the cryptocurrencies into "an emerging asset class".

On the USA -based Bitfinex exchange, fell to $11,131, down $31, or 0.28% after hitting an all-time high of $11,843 earlier in the session.

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