Economic news

Bitcoin futures fly high, getting over $18,000

Cryptocurrencies rush is in a new phase, as bitcoin futures leaped on Monday, adding to their value 21% at a much predicted launch.

The contract traded more than any other on the CBOE Global Markets exchange XBTc1 started at $15,460 in NY the night before the event, when it sky rocketed to $18,700. The last quote was at $18,100 a premium of over $1,700 to the Gemini Exchange price.

As for the futures, they are cash-settled contracts built on the Gemini Exchange auction price of the virtual currency. The mentioned exchange belongs to and is run by two businessmen – Cameron and Tyler Winklevoss.

Bitcoin has shown a mind-boggling rise percentagewise since the beginning of 2017, getting attention even from financial institutions and raising a mass of speculations and doubts.

New Zealand’s Reserve Bank’s governor a couple of days back said that bitcoin looks like a classic example of a bubble. In the case of a bubble you can’t know what heights it is going to reach before it drops back down, as Grant Spencer said in a TV program.

Some are of the opinion that the negative effects on financial assets that could be inflicted by possible collapse will not be too big.

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