But the cryptocurrency could be poised to become a friend to institutional investors, with one of the largest derivatives exchanges in the world, CME Group, planning to launch bitcoin futures before the end of the year. CME's nonmembers can trade the futures too, although they will be charged for higher service and exchange fees.
Ed Tilly, Chairman and Chief Executive Officer of Cboe Global Markets, said: "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".
The cryptocurrency was last up 0.7 percent at $11,324.
Naeem Aslam, Think Markets analyst, said that the reports Britain wants to hike regulation of bitcoin and other digital currencies.
Bitcoin futures will trade under the "XBT" ticker and will trade for 23 hours. But there are a couple of differences between bitcoin futures trading at the two exchanges.
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CME and CBOE have also agreed to enter into data-sharing agreements, particularly on the settlement process, so the CFTC can conduct its own surveillance on the new financial contracts.
CME Group's Bitcoin futures will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the US dollar price of bitcoin.
The contracts will initially require a margin deposit of 35%, and will be subjected to "hard" price limits of 20% - the contracts won't be able to rise or fall by more than 20% on any given day, the statement said. At the time in August, the CBOE was working with New York-based bitcoin exchange Gemini, which is run by investors Cameron and Tyler Winklevoss, ahead of the launch.
The announcement from the Commodity Futures Trading Commission (CFTC) that it will allow the futures to be traded was seen as a watershed moment for the currency.
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