Immediately after CBOE launched Bitcoin futures their site went down minutes after. The company launched the futures at 5 PM Central time. According to CBOE, they received more traffic than they expected thus the site is becoming slow and often showing 404 efforts.
According to report from their official website: “Because of heavy traffic on our website, those visiting our cboe.co site notices its slow and is sometimes unavailable.” Since the start of the year, Cryptocurrency adoption has caused a lot of traffic on the internet. Occasionally major exchange companies have had slow down times, and at times they have crushed.
The inconvenience due to heavy traffic has led to predictions that when Wall Street comes in with an advanced server that can handle the heavy traffic they might lead to the abandonment of traditional Bitcoin exchanges. This will not be easy because even Wall Street firms will have difficulty in dealing with the demand of Bitcoin.
Bitcoin still unstable even after CBOE launches fututes
The last four days have seen Bitcoin in its most unstable state. Immediately after the launch of Bitcoin futures Bitcoin went up by nearly $1000 and within a short period came down by $500. Currently, the price is now moving up again. With the pressure of Bitcoin futures Bitcoin price might continue going up with some predicting that it may go up to $60,000.
According to a statement by TF Metals: “This is interesting to watch. Within 7 minutes Bitcoins price went up by $1,700 and then went down by $500. This will be even more interesting after CBOE completes all the imbalances. This is making Bitcoin very unpredictable.”
The weeks before the launch have been weeks of tension. Many people fear that the opening of regulated futures could ease the way for institutional investors to short the currency. This is seen as if it could bring the cryptocurrency down. This fear seems to have been defeated based on the current Bitcoin price and the current trend.
More people are expected to invest in Bitcoin because of the futures. This is because they are being offered by very trusted firms like CBOE and CME. This will lead the price higher, but my fear is that there might come a time when selling of Bitcoin might be hard forcing the price down. We will continue monitoring the movement and the direction of the futures.