Bitcoin Price Nears $17,000 as Futures Trade Up
Regulated bitcoin futures contracts made their much-anticipated debut on Sunday, and — perhaps to the surprise of many analysts — traded up. January futures rose more than $2,000 to $17,500, while March futures traded as high as $19,330.
Perhaps buoyed by this bullish outlook, the bitcoin price rose approximately 19 percent for the day, from $14,159 on Sunday to $16,738 on Monday. At present, bitcoin has a market cap of $280.1 billion.
While it remains unclear what trajectory bitcoin futures will take over the next month as CME launches contracts on its platform and more traders enter the market, most analysts believe that regulated bitcoin derivatives will have a positive effect on the cryptocurrency over the long-term.