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CME Bitcoin Futures on a Tear with 132 Percent Increase Since Last Year

  • Alex Dovbnya
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    Regulated Bitcoin futures are now responsible for $370 mln of BTC’s daily trading volume 

CME Bitcoin Futures on a Tear with 132 Percent Increase Since Last Year
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Bitcoin futures, which are offered by the Chicago Mercantile Exchange (CME), have witnessed a splendid growth this month with the total number of contracts increasing by 132 percent compared to August 2018. The Chicago-based exchange boasts more than 7,200 daily contracts.  

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More demand for Bitcoin futures

CME’s cash-settled Bitcoin futures have been breaking records since the start of BTC’s rally in April 2019. After months of see-sawing, the price of the top cryptocurrency started to rapidly surge, and eventually hit its yearly high of $13,900, according to CoinMarketCap data.

Tim McCourt of CME Group claims that there’s a growing interest in Bitcoin among investors, and he’s intrigued to see how the nascent asset class will continue to grow.

This is an exciting time for bitcoin futures, as well as for cryptocurrency assets in general," McCourt said.

McCourt also points out that the CME places a strong emphasis on educating their clients about investing in cryptocurrencies, which have a penchant for volatile price swings.

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Staying in the game

The CME was outpaced by Cboe, its next-door rival, when they both scurried off to launch Bitcoin futures back in December 2017, pushing the BTC price to its current ATH of $20,000.

Cboe eventually pulled the plug on its contracts due to the 2018 crypto rout, making CME a lone player in the regulated Bitcoin futures market. McCourt confirmed that there are no plans to discontinue their futures contracts.

We’re pleased with the growth of CME Group bitcoin futures so far." 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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