At the same time, it's a considerable amount less than the prevailing price on Bithumb, South Korea's most voluminous exchange, and local exchanges Coinone and Korbit, all of which seeing prices above $19,000 (denominated in the won, the country's national currency). Bank of America will not allow clients access to the futures. Cboe Global Markets, a Chicago-based firm, will be launching bitcoin futures on Sunday, a move that is both highly anticipate by traders, and largely expected to send bitcoin and other digital currencies even higher. JPMorgan Chase Jamie Dimon has called bitcoin a "fraud". This person requested anonymity because the decision hasn't yet been announced publicly.
As bitcoin price fluctuates wildly, other cryptocurrencies like ethereum and litecoin are falling.
Bitcoin is notching new heights every couple of days.
The futures signal greater mainstream acceptance of the bitcoin, but also open up bitcoin to additional market forces.
There is mounting concerns about its introduction into the mainstream financial system after US regulator the Commodity Futures Trading Commission last week cleared the way for Bitcoin futures to trade on major exchanges, a decision which analysts say has helped to spur the recent rally. With the currency's tremendous run up in price, it could become a target for those who doubt that it deserves its current lofty value.
However, while companies like Overstock, Microsoft, and Starbucks offer customers the option to pay for products and services in Bitcoin, the cryptocurrency is increasingly being treated more as a store of value and less as a transaction currency. They are basically lines of computer code that are digitally signed each time they are traded.