Liftoff: Bitcoin futures are up and trading.
Given the huge buzz around the cryptocurrency, its first day was surprisingly tame – at least by Bitcoin standards.
Futures rocketed 20% at open before dropping back beneath $18,000. That's still nicely above the $16,649 mark Bitcoin was sitting at midday yesterday, but you've got to remember, Bitcoin's up more than 66% since Dec. 1. Reuters' "Breakingviews" noted futures volume was around $50 million, just 0.5% of the volume of actual bitcoins in the prior 24 hours.
Now, it's possible lots of would-be traders were sitting out the first day, pulling a "wait-and-see" on possible expensive glitches.
But then again, the first day doesn't matter much. I think Bitcoin futures will be big – much bigger than they are now.
I'm not trading just yet. It's a little dangerous for my taste, but I will eventually.
About the Author
Shah Gilani is the Event Trading Specialist for Money Map Press. In Zenith Trading Circle Shah reveals the worst companies in the markets - right from his coveted Bankruptcy Almanac - and how readers can trade them over and over again for huge gains. He also writes our most talked-about publication, Wall Street Insights & Indictments, where he reveals how Wall Street's high-stakes game is really played.