Bitcoin gained a hefty nine percent from its Friday New York close falling just a bit shy of hitting the record high of $19,511 on Sunday.
Even though it was pushed two percentage points back by the arrival of CME Group Inc. futures for January, it quickly recovered edging up to $19,770.
Even though this promises lucrative shorting opportunities, traders are wary to jump in.
“I’m not totally convinced that this offers a clear enough link to enable people to play the short side and still reap the financial benefit at settlement,” Jeremy Goldwyn, a managing director at Hong Kong-based commodities and financial futures brokerage Bands Financial Ltd., told Bloomberg.
Bitcoin has enjoyed a meteoric though volatile rally since January when a unit of the cryptocurrency was valued at just $998.
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