Financial: Bitcoin Futures "Bright" Clouds of Doubt remain

-Guardian UK

Bitcoin has taken another step towards the financial mainstream, with the launch of its first derivative contracts in Chicago.

But the move has intensified concerns that cryptocurrencies should be tightly controlled, in case they prove to be an unsustainable speculative bubble that ends in tears.

The first Bitcoin futures contracts, which will be settled in early 2018, jumped by 25% in early trading overnight -- triggering two circuit-breakers designed to calm volatile markets.

Although the number of futures contracts traded was relatively small, today’s debut seems to be going relatively smoothly. These futures contracts can be used to bet against bitcoin, but

Here’s the latest pricing, via Reuters:

• The one-month future is up 13% from the open at $17,450, around $1,000 higher than the “spot” bitcoin price - the price at which bitcoin is currently being bought and sold.
• The two-month contract is trading at $18,880, while the three-month contract is changing hands at $19,040.