CBOE Website Crashes As Bitcoin Futures Trading Begins

The following excerpt is from an article that originally appeared on Zero Hedge

The CBOE’s website crashed within minutes of the CBOE open on Sunday – which also marked the launch of the first bitcoin futures to trade on a major exchange – while the price of a bitcoin spiked 10% in five minutes as the new contract with the ticker XBT fluctuated wildly.

Shortly after the initial website crash, the CBOE tweeted that “visitors to cboe.com may find site is performing slower than usual and may at times be temporarily unavailable” due to heavy traffic adding that “all trading systems are operating normally.”

“Given the unprecedented interest in Bitcoin, it’s vital we provide clients the trading tools to help them express their views and hedge their exposure,” said Ed Tilly, chairman and CEO of CBOE Global Markets, in a statement earlier this month. Trading in Bitcoin futures will be free through the end of December.

Despite the surging interest in what was taking place on the CBOE, 30 minutes after the launch, there were just over 300 XBT futures traded, while futures market depth was virtually non-existant.

Indeed, as the tradestation tick chart below shows, as we expected, today’s launch is hardly euphoria bonanza some had expected.

Going further out on the curve, just one March 2018 contract has traded one hour into trading.

Meanwhile, the price of spot Bitcoin surged immediately after the 6 p.m. open, climbing about 10%, or $1,500 on GDAX to over $16,200, before giving back much of the early gains…

… as the excitement over this historic moment slowly fades away.

And while for at least one person today’s first day of trading will never be forgotten, the first documented trade appears to have been a short.

To which there was a caveat…

Click here to Read this Entire Story on Zero Hedge

This post was originally published on this site

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