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Ignoring Outages, Coinbase Futures Set Record Highs as Bitcoin Rally Continues

CBSE futures on FTX hit $311 Thursday afternoon.

Jan 7, 2021 at 5:41 p.m. UTC
Updated Sep 14, 2021 at 10:52 a.m. UTC

Pre-public offering futures for leading U.S.-exchange Coinbase hit $311 Thursday on derivatives exchange FTX amid bitcoin's parabolic price rally and despite Coinbase's ongoing "connectivity issues."

  • The exchange suffered "connectivity issues" for six hours yesterday, with the same problem resurfacing today. The company said it is working to implement a fix in its latest status page's incident report.
  • At their launch, Coinbase futures previously topped out just above $295.
  • Notably, FTX's CBSE futures market is still quite small, reporting roughly $33,000 in 24-hour volume.
  • Bitcoin ripped through $39,000 for the first time ever late Thursday morning, recording an over 30% gain already in 2021 following its more than 300% rally last year.
  • FTX CEO Sam Bankman-Fried told CoinDesk in mid December his team was working to get legal clarity from non-U.S. regulators before launching the market.
  • Coinbase futures soared 140% in their first hour of trading a few days later.
  • In mid December, Coinbase filed preliminary documents ahead of a planned public offering, tapping Goldman Sachs to lead the listing days later.

Price action for pre-IPO Coinbase futures listed on FTX

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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