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CBOE Website Jammed As Bitcoin Futures Trading Makes Debut

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The first ever Bitcoin futures trading in the world made its bullish debut on a major U.S. exchange Sunday evoking immense response from traders.

The Chicago Board Options Exchange's (CBOE) website was jammed in the initial hours due to heavy traffic on its website with potential traders looking for the trading data.

Shortly after bitcoin futures contracts trading began at 6 p.m. EST, CBOE said "visitors to http://www.cboe.com may find that it is performing slower than usual and may at times be temporarily unavailable".

The exchange added that intermittent website delays have had no impact on trading activity.

The first twenty minutes of trading saw volatility, and the price of the cryptocurrency rose to $16,600 per unit before going down. More than 1000 contracts were traded 3 hours into the first Bitcoin futures session.

CBOE is the first major regulated exchange in the U.S to begin Bitcoin futures trading after CFTC gave permission to three established U.S. exchanges, providing the digital currency with a greater level of credibility in the financial market.

A futures contract is a financial product that allows investors to bet on whether the currency's price will rise or fall. Bitcoin futures allow market participants the ability to lock in a selling price for Bitcoin as of a future date.

Bitcoin futures will launch on Chicago Mercantile Exchange, the world's largest futures exchange, on December 18.

The Cantor Exchange hasn't yet announced the date of trading.

Currently, the front month futures is the January contract which was sold for $17,600.

It was the first opportunity for professional investors to invest in Bitcoin.

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