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CBOE bitcoin futures closed 20% higher on the first trading day, triggering the fuse twice

January CBOT Futures Exchange closed up 19.9% ​​at $ 18,545, up 8.87% from bitcoin spot price in Bitstamp, Luxembourg's trading platform.

Beijing time on the 11th morning, the United States officially launched the first bitcoin futures trading. Shortly after the opening bell, however, the price of the futures contract suffered "blown off" due to excessive fluctuations and the trading stopped short. This again caused some insiders to worry about the "bubble" of Bitcoin prices.

The January contract for bitcoin futures opened at $ 15,460, attracting large investors' attention shortly after opening the deal, and the exchange's Web site, which launched the issue, even suffered from a huge traffic.

The price of bitcoin futures contracts fluctuated considerably. According to the rules, the best buy quotation or the best sell quotation changes more than 10% compared with the settlement price of the previous trading day, the trading will be suspended for 2 minutes. If the change exceeds 20%, the trading will be suspended for 5 minutes. Listed on the first day, the market will trigger "blown."

UBS: Cryptocurrency will be the bubble that ends all bubbles

UBS Wealth Management said that although some investors believe that the introduction of Bitcoin futures will make bitcoin a more stable market, Bitcoin will not be a legitimate currency.

Paul Donovan, chief global economist at UBS Wealth Management, said on Monday: "This bubble, which will end all bubbles, continues, and cryptocurrencies are valuable only when accepted as currency, They can not be used for the most important deals in the economy, and the supply of cryptocurrencies only increases, not declines (making them a bad form of value storage.) To date, using cryptocurrencies is equivalent to selling assets Buy goods or services at the same time. "

In a October report, the economist pointed out that extreme price volatility in Bitcoin detracts from its ability to function as a "value store," an essential feature of currency.

He wrote in the report: "Bitcoin prices have risen 20 times in just two years, lacking any basic economic support, and cryptocurrency is almost certainly a bubble."