Bitcoin leaped an astonishing $2,000 on Monday after investors flocked to Chicago’s Cboe futures exchange to bet on cost movements.
The digital currency was seen trading at a spot cost of $16,571.09 at 10 a.m. ET, according to data on industry website CoinDesk, whose bitcoin cost index tracks prices via cryptoexchanges Bitstamp, Coinbase along with also Bitfinex. the item was up 10.22 percent for the session.
Trading at $14,557.07 just a minute before the introduction of Cboe’s hotly anticipated futures contracts, bitcoin’s cost saw an immediate hike in value of more than $1,000 inside first a few to 10 minutes of trading.
Bitcoin futures, meanwhile, were trading at $18,040, up more than 16 percent for the session.
Futures contracts allow investors to agree to buy or sell a particular asset at a predetermined cost at a later date. This specific enables cost movement speculation along with also the avoidance of volatility inside market.
Bitcoin’s total market capitalization — which is actually calculated by multiplying the cost by the volume of tokens in circulation — stood at $277 billion, higher than that will of U.S. banking giant Citigroup.