On March 14, the Chicago Board Options Exchange (CBOE) issued a statement in which they announced that they will not be listing a new Bitcoin futures contract this month. According to the statement, the CBOE Futures Exchange (CFE) will not be offering the trading of a March 2019 dollar-denominated Bitcoin futures contract, which has been trading at the exchange under the ticker symbol XBT. The statement went on to say that the CFE is currently evaluating how it will continue to list derivatives of digital currencies, but while it does this it will not be issuing any further Bitcoin futures contracts. XBTM19, which is the current dollar-denominated Bitcoin futures contract offered by the exchange, expires in June of this year, and it is still available for trading there. Back in December of 2017 — to lots of fanfare — the exchange began offering Bitcoin futures trading. Soon afterward, the Chicago Mercantile Exchange (CME), which is a competitor of CBOE, began offering Bitcoin futures trading as well. Bitcoin future contracts allow investors to speculate on the price of the digital currency without having to actually possess it. They do this by letting investors buy and sell contracts that track the price of the currency. In essence, traders bet on whether the currency will rise or fall by a certain expiration date. At the expiration date, each contract is settled in fiat currency. In the case of XBT contracts, they are settled in U.S. dollars. The announcement comes on the heels of more bad Bitcoin news. According to a report from Bloomberg, the price of Bitcoin could be heading toward another steep drop. Mike McGlone, who is an analyst for Bloomberg, indicated that the entire digital currency industry is looking "ripe" to continue its decline in price. He went on to say that conditions are similar to those of last November just before prices fell precipitously. Since the middle of last month, the Moving Average Convergence Divergence, which is a key technical indicator of Bitcoin's price, has been moving downward.
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