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Bitcoin hits new highs following Cboe futures launch

After jumping more than $1,000 in the minutes following Cboe Global Markets Inc.'s bitcoin futures trading launch, the price of the cryptocurrency has continued to rise.

Cboe launched bitcoin futures trading the evening of Dec. 10. It reported 4,127 contracts in its first day of trading, with a daily settlement price for the front-month January Cboe Bitcoin contract of $18,545, the company said.

Since the launch, the price of bitcoin has hit new all-time highs, reaching above $17,500 on Dec. 12.

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The cryptocurrency's continued rise is primarily due to the legitimacy that futures contracts have given it, Daniele Bianchi, assistant professor of finance at the Warwick Business School, said in an interview.

The launch of bitcoin futures at CME Group Inc., the exchange group with more breadth in the futures space, may cause more excitement around the asset class, Bianchi said.