Bitcoin is gaining ground after futures trading gets approval from US regulators

This price of bitcoin is rising after the US Commodity Futures Trading Commission approved bitcoin futures trading on three US exchanges.

“Bitcoin, a virtual currency, is a commodity unlike any the commission has dealt with in the past,” said CFTC chairman J. Christopher Giancarlo in a statement.

CME, Cboe and Nasdaq have all announced interest in offering bitcoin futures, and CME said that its futures would launch on December 18. Both CME and Cboe have said that their futures contracts would settle in cash.

The approval from the CFTC came just days after the price of bitcoin crossed the historic $US10,000 per coin mark. The coin hit its all-time high of $US11,413.01 on Wednesday, according to data from Markets Insider.

The price of bitcoin is notoriously volatile, and futures contracts could help dampen the volatility in the markets.

Bitcoin has risen 932% this year.

Read more about bitcoin’s crossing of $US10,000 here.

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