This also led to the migration of a few miners and investors to other markets like bitcoin cash and ethereum and once again, it looked as though the bitcoin prices would crash a lot more.
Naeem Aslam, Think Markets analyst, said that the reports Britain wants to hike regulation of bitcoin and other digital currencies.
CME is not the only US exchange that is going to add bitcoin futures to their product offerings. Cboe will waive trading fees for these products for the duration of December. The cryptocurrency is now trading at roughly $11,400, as per CoinDesk's Bitcoin Price Index (BPI).
Bitcoin's price has soared tenfold this year, prompting many market participants to warn of a bubble as it topped Dollars 11,000 for the first time last week.
Bitcoin hit a record above US$11,400 last Wednesday, but then lost 20% of its value in the following 24 hours.
Bitcoin has taken another step toward the financial mainstream, after a United States regulator said it would let two traditional exchanges begin trading in Bitcoin-related financial contracts.
At CBOE, the contract limit is 5,000. At the time in August, the CBOE was working with New York-based bitcoin exchange Gemini, which is run by investors Cameron and Tyler Winklevoss, ahead of the launch. Market data from bitcoin exchanges Bitstamp, GDAX, itBit, and Kraken will be used to calculate CME's once-a-day Bitcoin Reference Rate (BBR).
The announcement from the Commodity Futures Trading Commission (CFTC) that it will allow the futures to be traded was seen as a watershed moment for the currency. Those amounts may become higher in the future.
Last week, a JPMorgan global markets strategist forecast that the introduction of bitcoin futures would legitimize cryptocurrency in the eyes of both institutional and retail investors, transforming the cryptocurrencies into "an emerging asset class". In fact, this was the month when the bitcoin market faced one of its biggest challenges as the hard fork that was scheduled to happen during the middle of November, was cancelled and this led to some correction in the industry as the uncertainty that this event led to, brought in some confusion among the traders.
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