NEW YORK (AP) - A new security based on the price of the digital currency bitcoin is trading lower after its debut on the Chicago Mercantile Exchange.
The CME Group, which owns the exchange, opened up futures of bitcoin, which has soared in value and volatility this year, for trading on Sunday evening. By 2:00 a.m. EST (0700 GMT) Monday the futures contract that expires in January was at $19,440.00 after opening higher at $20,650.
The CME futures, like the ones that CME competitor the Cboe started trading last week, do not involve actual bitcoin. The CME's futures will track an index of bitcoin prices pulled from several private exchanges. The Cboe's futures track bitcoin prices on the particular private exchange known as Gemini.
Each contract sold on the CME is for five bitcoin.