11 December 2017 Bitcoin, the electronic currency, has started trading on Chicago’s CBOE exchange (Chicago Board Options Exchange). The currency rose sharply in value before trading started. Futures in the currency are being traded for the first time and this may help the currency become more widely accepted. Futures contracts have risen from $15,000 to over $18,000, based on the price on the Gemini exchange. Over the last week the value of Bitcoins has fluctuated from $10,000 to over $17,000 on Thursday. The price on Monday has settled to about $16,000. As a result of the launch, the CBOE’s website has been ‘running slowly’.
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Questions What are Bitcoins? What are futures? What do you think, is this a future mainstream currency? What is the disclaimer telling us?
Vocabulary Highlight text for solutions currency –pounds, dollars, euros, etc. trading – being exchanged for cash or promises (stock) exchange – a trading organisation for buying and selling shares and contracts to rise – to go up (in value) to fluctuate – to change in value (up or down) to settle (in value) – to stop fluctuating in good faith – with a good motive, for good reasons on the basis of – because of, or influenced by to infer – to suggest (that something may be true, or a good idea)
Grammar The first paragraph features the past simple and the present perfect. Where are they, why are they used? Highlight for solutions Bitcoin, the electronic currency, has started [present perfect, it started in the past and continues to the present] trading on Chicago’s CBOE exchange (Chicago Board Options Exchange). The currency rose [past simple, this happened at a finished point in the past] sharply in value before trading started. More past form grammar