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CME Group Doesn't Plan to Launch Physically-Delivered Bitcoin Futures

  • 📰 News

    CME will not launch physically-delivered Bitcoin futures despite great demand for its cash-settled product    

Cover image via news.u.today
Contents

During a recent interview with Markets Media, CME's Tim McCourt says that institutions are becoming more interested in Bitcoin, but physically-delivered futures are not currently on the table for the Chicago-based exchange.

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Bakkt is off to a cold start

The underwhelming launch of Bakkt raised many questions about whether the proverbial institutional money is here for Bitcoin

As reported by U.Today, the highly anticipated launch of physical Bitcoin futures finally happened on Sept. 23 with a lot of excitement in the air. However, during its first week, the ICE-backed exchange managed to trade only $5 mln worth of contracts.

The cold reception of the new product possibly explains why CME doesn’t plan to chip away at Bakkt’s market share anytime soon.

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CME’s Bitcoin success

According to McCourt, institutions, such as hedge funds and asset managers, are becoming increasingly keen on investing in Bitcoin. However, they are not ready to jump feet-first in untested waters.

“The institutional interest in bitcoin is growing but they need time to become familiar with the market and get approval to use new products,” said McCourt.

McCourt also described CME’s Bitcoin bet as “hugely successful.” The exchange recorded a 132 percent increase in the number of cash-settled futures contracts compared to 2018.

CME Group will also launch Bitcoin options in Q1 2020.

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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

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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’

Cover image via www.123rf.com

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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