2020-1-31 20:03 |
CME Group launched the cash-settled Bitcoin futures during the peak of Bitcoin price in December 2017, where one CME contract involves five BTC.
Currently, the price of Bitcoin futures is trading at $9,550, up from the current spot price of around $9,250.
Now, it’s to be seen how these futures expiry will affect the price of the flagship cryptocurrency which today went as high as $9,529 on Bitstamp.
“HUGE move coming up (…) I'm generally bullish on this one but won't let my guard down, said analyst BitBit.
Currently, there are two gaps present at $8,540 that occurred during the bullish break-out last weekend and then at $8,935 earlier this week during the closing hours on CME.
As we reported, the latest study found that over 95% of the CME gaps are filled with “odds are always in favor of a close, but drawdowns if you only play the gap close can be painful and costly.”
other short and long-dated contracts as well
dec 16th contracts +32% from open
imma b pissed if i have to edit this if price > 14k pic.twitter.com/E4LxHSK58s
— Josh Olszewicz (@CarpeNoctom) January 30, 2020
Volume on the riseMeanwhile, volume continues to rise on spot exchanges, with more than a billion worth of BTC exchanging hands on top ten exchanges with real volume. CME has also been seeing heightened activity.
Source: CME GroupSince its launch, CME has actually traded more than $100 billion in total notional value, according to Tim McCourt, CME Group Managing Director.
“Our Bitcoin futures have evolved over the last two years and are now one of the most liquid, listed bitcoin derivatives available globally,” McCourt told a media outlet.
While CME continues to see growth, the Chicago Board Options Exchange (CBOE) launched a similar cash-settled Bitcoin trading product a week after CME discontinued its product in March 2019 after going through the lengthy bear market of 2018 where BTC lost 84% of its value.
Earlier this month, CME also launched Bitcoin options on the back of strong demand.
Meanwhile, crypto derivatives exchange BitMEX is hitting new highs in open interest with “March and June futs respectively trading at a 2.7% and 4.2% premium.”
Bitcoin (BTC) Live Price 1 BTC/USD =$9,270.3286 change ~ -0.71%Coin Market Cap
$168.65 Billion24 Hour Volume
$6.6 Billion24 Hour VWAP
$9.39 K24 Hour Change
$-65.6033 var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD");Similar to Notcoin - Blum - Airdrops In 2024
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