US Largest Futures Market CME Records All-Time High Bitcoin Trading
Sep 01, 2019 at 09:11 //
News
Bitcoin futures trading on the world’s leading options and futures contracts open interest exchange of any futures exchange Chicago Mercantile Exchange (CME), a global markets company, has more than doubled in 2019. CME is registering some of its highest 24-hour trading volumes since its official launch.
A global derivatives marketplace headquartered in Chicago, Illinois, United States, is guesstimating that an average of around $372 million is currently being traded athwart over 7,230 contracts daily since this year started. Even though the world’s top cryptocurrency by market capitalization Bitcoin (BTC) has been trading with a nonlinear trend in the last two to three weeks, generally the token has done remarkably well in the second quarter (Q2) and the start of the third quarter (Q3) of 2019.
When BTC hit its greatest level in December 2017 of over $20,000, CME rolled out its fiat currency settled Bitcoin futures contracts together with CBOE. However, following the launch of these contracts, the BTC price started to plunge and faced a protracted bear market for the whole of last year, a period that made the asset to register approx. 85% loss in value.
Contract Volume Records Crests
During the period when Bitcoin was trading in a downtrend, a lot of investors were cynical with digital assets, and many decided to sell off their cryptocurrency holdings that were purchased during the bubble. The asset also had depressed lows of trading volumes within all cryptocurrency exchanges, and the thrilling periods of instability prevented a massive number of investors from endeavoring to trade futures.
Now, when the price of BTC recovered again in Q2 of 2019, its volume o’er began to roar. From April to June 2019, the Bitcoin price managed to increase from $4k to $13.9k, and for the first time in its history – within those 13 weeks - CME registered its all-time high volume. In fact, on May 13, 2019, Bitcoin was able to trade a best ever daily volume of around 33,675 contracts.
With new interesting developments occurring in the BTC and cryptocurrency field, massive futures trading sites will start to surface and it is more likely that the trading volumes will go on to blow up during the course of Q3 and Q4 of this year at a minimum.
OhNoCryptocurrency via https://ift.tt/2PblI7a @, @Khareem Sudlow
