The highly anticipated bitcoin futures market has kicked-off in Wall Street; with a pushing the price of the cryptocurrency past the $18,000 mark.
“It is rare that you see something more volatile than bitcoin, but we found it: bitcoin futures,” said Zennon Kapron, managing director of Shanghai-based consulting firm Kapronasia.
Trading was temporarily taken offline to cool the market at one point but has since had a steady trading debut with the value jumping from the 3,051 contracts traded.
The futures market is still in its infancy with the debut contracts totalling around $40 million.
“We’re in the early stages here, and there’s not enough professional liquidity from the big market makers who can provide depth and hold in the movements,” said Stephen Innes, head of trading for Asia Pacific at Oanda Corp.
“It’s going to be a learning curve” he added.