Chicago Board Options Exchange, whose name is abbreviated as CBOE, launched Bitcoin prepaid contracts (futures) trading at 23:00 Turkish time last night.
Bitfinex and Bithumb, which are often in growing pains this year, Similar to cryptocurrency-specific exchanges such as CBOE, CBOE‘s platform was also inaccessible in just a few minutes.. In a tweet that followed, it was stated that the slowness problems and 404 errors were caused by high traffic.
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
“Due to the high traffic on our website Users visiting http://www.cboe.com/ may experience slowness and crashes on the site. The trading systems, on the other hand, are working properly.”
Since the beginning of 2017, the reflection of the use of cryptocurrencies on the prices is astonishing.. People naturally attack cryptocurrency exchanges because they want to be a part of this growing market.. This is exactly why we witnessed giant platforms crash frequently.. With the start of trading on Wall Street, many users said that there will be no server crashes, because trading platforms on Wall Street already have high trading capacity.. Of course, this proved to be untrue when even the servers in the CBOE crashed.
Price Is Still Fragile
The price of Bitcoin, which has just opened in Futures transactions, has a volatility that has never been seen before.. Cryptocurrency, which shot upwards of $1000 when the transactions were opened, fell back half as much after just a few minutes.. At the time of writing, the price continues to rise.
This is fascinating to watch.
Bitcoin jumps $1200 in 7 minutes and then falls $500 in 1. All the while, the CBOE has yet to get through the imbalances and open the contract for trading.
At this rate, BTC will hit one of the circuit breakers before the CBOE can even get rolling! pic.twitter.com/AAzzE3MshN— TF Metals Report (@TFMetals) December 10, 2017
“Watching this Very interesting. Bitcoin’s price rises by $1200 in just 7 minutes, then drops back by $500 in 1 minute. While these are happening, the CBOE also has to initiate transactions by making sure that the system is working properly.. Looks like the circuit breakers will kick in before we even open CBOE futures!”
It’s hard to say how big the “emotion” in the markets is. However, a significant portion of users on the /r/BitcoinMarkets forum on Reddit said that they should wait in USD until the futures market opens.. In recent weeks, there has been a fear that Wall Street traders will deliberately drive the price down thanks to futures trading.. If we look at the current movements of the price, it is possible to say that this fear has also eased.. However, it is an undeniable fact that users on cryptocurrency exchanges are nervous.
More than 12 hours have passed since the opening of the transactions, meanwhile Coinmarketcap The price index on is also hovering around $16,650.. Futures contracts expiring on the CBOE in January 2018 are currently trading at $17,820, while those in February are trading at $19,140.
This rise in price caused a feature called “circuit breaker” to be activated twice on the CBOE’s site.. The CBOE is making sure that users in markets with large price volatility exercise caution, thanks to a software called a circuit breaker in their market.. If the market 10% falls or rises, users cannot trade for 2 minutes. If this rate rises to 20%, the cooldown increases to 5 minutes.. Thus, users are kept away from decisions that can be made in a moment of panic.. If Bitcoin’s rise continues like this, there may even be a 3. circuit breaker situation.
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