CryptoWatch: Bitcoin Futures Fall Below $18,000, As Cryptocurrency Itself Drops Under $17,000

U.S. bitcoin futures on Wednesday retreated below the $18,000 mark in their third full day of trading, while the spot price for the No.1 digital currency pulled back under $17,000.

Bitcoin futures expiring in January XBTF8, +1.44%  settled at $17,055, down 5.4% from Tuesday’s settlement at $18,020, according to Cboe Global Markets Inc.

Spot prices for bitcoin BTCUSD, +0.44% were at $16,654 late Wednesday, representing a decline for the day of about 3%, according to CoinDesk data. The drop comes after the cryptocurrency rose to a fresh all-time high above $17,600 on Tuesday, by CoinDesk’s figures.

Exchange operator Cboe CBOE, -1.05%   launched trading of bitcoin futures on Sunday at 6 p.m. Eastern Time, with a debut level for the January contract of $15,000. The contract is up 14% for the week.

Cboe rival CME Group Inc. CME, -0.93%  is slated to kickoff trading of bitcoin futures on Monday.

Read more: All you need to know about trading bitcoin futures

And see: SEC chairman says bitcoin offers ‘substantially less investor protection’

The price of one bitcoin has surged about 300% in the past three months, stretching its year-to-date advance to more than 1,600%.

“Clearly Bitcoin has been outperforming not just precious metals but basically every other financial asset recently,” said Fawad Razaqzada, a market analyst at Forex.com, in a note.

“Equally, though, the parabolic-like rally makes bitcoin extremely risky for those late in the party.”

Check out: 7 cryptocurrencies to watch in 2018 if you’re on the hunt for the next bitcoin

Also read: Bitcoin frenzy is not stealing demand from gold, Goldman argues

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