Bitcoin price jumps to $10,539 as CME launches Bitcoin Futures in 3 weeks

CME just announced today, 12/01/2017 that its new bitcoin futures contract will be available for trading on Dec.18 and that is just 3 weeks away.

This news has caused Bitcoin to trade more than 6 percent higher at $10,539 , recovering partly from a 20 percent drop to $9,021.85 from a record high of $11,377.33 hit Wednesday, according to CoinDesk.

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The chart above shows:

  • The falling trendline has been breached.
  • A higher lows pattern has been established.
  • The relative strength index is bullish (above 50.00) and rising.

CME’s announcement comes as other major exchanges rush to launch their own bitcoin derivatives products.

Shares of CME spiked 1.7 percent to an all-time high Friday morning. Cboe’s stock traded little changed after setting a record close Thursday.

“Bitcoin, a virtual currency, is a commodity unlike any the Commission has dealt with in the past,” CFTC Chairman J. Christopher Giancarlo said in a statement. “As a result, we have had extensive discussions with the exchanges regarding the proposed contracts, and CME, CFE and Cantor have agreed to significant enhancements to protect customers and maintain orderly markets.”

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