James Levenson · January 18, 2018 · 11:00 amCrypto markets have been in free fall for most of the week as a result of panic selling on the back of news of further crackdowns in Asia. There could be a number of other catalysts for the declines, including the expiration of the first Bitcoin futures contracts.
Launched last month amid some technical problems, the first CBOE Bitcoin XBT contracts have just expired with a settlement price of $10,900, according to reports determined by the 4:00pm ET Gemini Exchange Bitcoin auction. CNBC reports a settlement price slightly higher at $11,055 for the XBT F8 contract. The price of BTC at the time of launch on December 10th surged from $13,400 to over $15,000 in a day.
Over 124,000 contracts were traded across expiries, representing a notional value of over $1.5 billion. The cash-settled contracts were designed to allow investors to bet on whether the price of Bitcoin would be higher or lower than the opening price, and as it turns out, those that shorted it came out on top.
Chairman and CEO of CBOE Global Markets, Ed Tilly, hailed the settlement as a success:
Our regulated market experienced a smooth operational close and the settlement process worked as designed. This …
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