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.
But one factor that did help to boost the prices was the news that the CME and the CBOE are looking to launch futures trading in bitcoins. It is now worth more than $11,000.
CME, which owns various derivative trading platforms such as the Chicago Mercantile Exchange, said in a statement on Friday that there will be risk-management measures in place as bitcoin is a "new, uncharted market". "To promote this, we will initially offer XBT futures trading for free." said Ed Tilly, Chairman and Chief Executive Officer of Cboe Global Markets.
Bitcoin futures will trade under the "XBT" ticker and will trade for 23 hours. CBOE has already expressed its desire to list these products, and - just this week - The Wall Street Journal reported Nasdaq Inc. hopes to list bitcoin futures on one of its US exchanges during the first half of 2018.
Nathan Redmond makes his point after Pep talk
Never in my career, on or off the pitch, was I disrespectful about what they believe they have to do to beat me. I said to Nathan you have to attack because you have the quality to do that.
The contracts will be cash-settled, and the price will be based on the daily auction price from Gemini, a cryptocurrency exchange based out of NY.
According to the official release, CME Group has self-certified the initial listing of its Bitcoin futures contract, which will be listed on and subject to the rules of CME. Bitstamp, GDAX, itBit and Kraken are the constituent exchanges that now contribute the pricing data for calculating the BRR. Consequently, Cboe will become the first US exchange to support trading for a cryptocurrency-derived futures product.
The Commodity Futures Trading Commission said it had discussions with the exchanges to protect consumers from extreme price swings.
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".