Hello traders everywhere. I'm sure you've read and seen how Bitcoin (CME:BRTI) hit all-time highs today. The latest record surge has been brought on by an announcement from the CME that they are finally going to bring their long-awaited Bitcoin futures product to market. They intend to launch bitcoin futures in the fourth quarter of 2017, pending all relevant regulatory review periods.
The new contract will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin. Bitcoin futures will be listed on and subject to the rules of CME.
I believe this news legitimizes Bitcoin as a currency for all those skeptics out there. It's going to be tough to ignore moving forward and must be looked at in the same vein as gold and the U.S. dollar.
Disagree? Leave a comment below and let me know.
Key levels to watch this week:
S&P 500 (CME:SP500): 2,541.60
Dow (INDEX:DJI): 22,739.38
NASDAQ (NASDAQ:COMP): 6,517.93
Gold (NYMEX:GC.Z17.E): 1,283.80
Crude Oil (NYMEX:CL.Z17.E): 51.89
U.S. Dollar (NYBOT:DX.Z17.E): 92.59