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Bitcoin futures begin trading

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Posted at 4:38 PM, Dec 10, 2017
and last updated 2017-12-11 05:57:48-05

A security based on bitcoin, the digital currency that has exploded in popularity and volatility this year, is now trading on a major U.S. exchange for the first time.

The Chicago Board Options Exchange, one of the nation's largest traders of options and futures in the U.S., opened up bitcoin futures for trading at 6 p.m. EST on Sunday.

The CBOE futures do not involve actual bitcoin; they're securities that will track the price of bitcoin on Gemini, one of the larger bitcoin exchanges. Another large futures exchange, the Chicago Mercantile Exchange, will start trading its own futures on December 18.

The price of bitcoin began the year below $1,000. As of 4:00 Sunday, bitcoin was quoted at $15,375 on the bitcoin exchange Coindesk.