The launch on the Cboe futures exchange has given an extra kick to the currency’s scorching run this year. It has nearly doubled in price since the start of December, but recent days saw sharp moves in both directions, with bitcoin losing almost a fifth of its value on Friday after surging by more than 40% in the previous 48 hours to $16,600.On Sunday, bitcoin was up about 3% at $15,000 on the Luxembourg-based Bitstamp exchange and on the Gemini exchange it was at $15,650.

Everything you wanted to know about bitcoin but were afraid to ask

Read moreBut while some market participants are excited about a regulated way to bet on or hedge against moves in bitcoin, others warn that risks remain for investors and possibly the clearing organisations underpinning the trades.The futures are cash-settled contracts based on the auction price of bitcoin in dollars on the Gemini exchange, owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss.“The pretty sharp rise we have seen in bitcoin in just the last couple of weeks has probably been driven by optimism ahead of the futures launch,” said Randy Frederick, vice-president of trading and derivatives for Charles Schwab in Austin.