Chicago Board Options Exchange (cboe) website Crashes as Bitcoin Futures Trading Begins
Yesterday, Bitcoin futures went live on the CBOE Exchange. The massive influx of orders caused the CBOE website to perform slower than usual within moments of the exchange opening, unable to handle the massive amount of traffic resulting from the launch of its Bitcoin futures contract.
The announcement reads:
"Due to heavy traffic on our website, visitors may find that it is performing slower than usual and may at times be temporarily unavailable. All trading systems are operating normally."
A CBOE executive noted that its volume was quite respectable when placed in the context of other nascent futures products.
"On the first day of trading at @Cboe in 1973 911 options traded. First day of $VIX futures in 2004 saw 461 contracts traded. 3 hours into the first #bitcoin futures session and volume is just over 1000 contracts."
The Bitcoin value has been rising since the CBOE’s futures markets opening. The trading volume immediately spiked at precisely 23:00 UTC when the futures trading opened.
The Bitcoin price is sitting at $16,662, representing a gain of 22.62% in the last 24 hours. More than $2.8B worth of BTC were exchanged in the BTC/USD market, representing a 30.6% share of daily volume, second to the JPY at 42.7%.
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