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CBOE Website Crashes As XBT Trading Begins, First Trading Halt As Bitcoin Price Surges

Courtesy of ZeroHedge. View original post here.

Update: At precisely 8:31pm ET, the CBOE instituted the first ever XBT trading halt, which lasted for two minutes according to a notice on Cboe’s website. XBT contracts have since resumed trading. As a reminder, the Cboe can halt trading for 2 minutes after 10% swings, and 5 minutes at 20%, an attempt to prevent wild swings.

Notably earlier in the evenig they exercised discretion and decided nto to halt the XBT trading as the first opening spike occurred…

The CBOE’s website crashed within minutes of the CBOE open on Sunday – which also marked the launch of the first bitcoin futures to trade on a major exchange – while the price of a bitcoin spiked 10% in five minutes as the new contract with the ticker XBT fluctuated wildly.

Shortly after the initial website crash, the CBOE tweeted that "visitors to cboe.com may find site is performing slower than usual and may at times be temporarily unavailable" due to heavy traffic adding that "all trading systems are operating normally."

Due to heavy traffic on our website, visitors to https://t.co/jb3O722hoo may find that it is performing slower than usual and may at times be temporarily unavailable. All trading systems are operating normally.

— Cboe (@CBOE) December 10, 2017

"Given the unprecedented interest in Bitcoin, it’s vital we provide clients the trading tools to help them express their views and hedge their exposure," said Ed Tilly, chairman and CEO of CBOE Global Markets, in a statement earlier this month. Trading in Bitcoin futures will be free through the end of December.

Despite the surging interest in what was taking place on the CBOE, half an hour after the launch, there were just over 300 XBT futures traded, while futures market depth was virtually non-existant.

Going further out on the curve, just one March 2018 contract has traded one hour into trading.

Meanwhile, the price of spot Bitcoin surged immediately after the 6 p.m. open, climbing about 10%, or $1,500 on GDAX to over $16,200, before giving back much of the early gains…

… as the excitement over this historic moment slowly fades away.


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