Bitcoin futures soar in debut on major exchange

CHICAGO (AP) — So far, bitcoin is a hit on Wall Street.

The first-ever futures contracts for the virtual currency bitcoin started trading Sunday and the price surged. As of 9:15 a.m. CST Monday, bitcoin futures that expire in January were trading at $17,800, up $2,340, according to data from CBOE Global Markets.

The futures allow investors to bet on the direction of bitcoin, but do not involve actual bitcoin. The price of bitcoin is quoted at $16,336 on the Coindesk exchange.

The CBOE’s competitor exchange, the Chicago Mercantile Exchange, will start trading its own futures on Dec. 18.