Bitcoin Futures Jump Above $18,000 Ahead Of CME’s Launch
CBOE’s Bitcoin futures contracts, which began trading on Sunday, were up 7.6% to $18,070. Bitcoin’s spot price was $17,711.73 on Coindesk, up 7.1%.
Bitcoin Investment Trust (GBTC), a Bitcoin-tracking investment vehicle, rose 13.1% in the stock market today.
The moves in the market come as more officials warn against getting seduced by Bitcoin’s massive price increases. The SEC this week issued some advice about cryptocurrencies. Fed Chair Janet Yellen on Wednesday said Bitcoin’s presence in the payments world was very small, but that it was “not a stable store of value” and a “highly speculative asset.”
As for other cryptocurrency-related stocks, Overstock.com (OSTK) — an online retailer that has rapidly moved into blockchain — advanced 11%.
That stock catapulted higher on Monday after Morgan Stanley Investment Management disclosed an 11.4% stake in the company, and again on Wednesday after Overstock’s CEO said he might sell the Overstock.com business to fund a blockchain-based global property registry system.
On Thursday, Overstock and its subsidiary tZero — a blockchain-based capital markets platform — said it had signed a letter of intent to partner with Siebert Financial (SIEB) to offer “deeply discounted online trading” in the first quarter of next year. Siebert spiked 129% on Thursday, and added 9.5% on Friday.
Such whipsaw action was seen in other cryptocurrency and blockchain-related stocks this week. Riot Blockchain (RIOT) flew 14% higher on Friday, after Riot’s similar sprint upward on Monday and Tuesday.