Bitcoin’s new volume influenced the futures market as well – according to reports, CME bitcoin futures sees massive growth of 22,542 contracts traded on April 04. On the other hand, CBOE – ahead of bitcoin bull run – announced to CBOE halts its bitcoin futures,
Following the steep decline since few months, Bitcoin has recently gripped to $5k and still running on the rising graph but with slight bobbling around here and there. However, Bitcoin’s recent surge did help futures contract at CME Group Inc show budding graph. Reportedly, these contracts hit 22,542 contracts which is equivalent to 112,710 Bitcoins. Indeed, CME mentioned that most of the futures trading volume on April 04, when it hits the highest record, happened during Asian hours – with almost 12,634 contracts.
While one enjoys massive market volume with bitcoin’s new value – on the other hand, rival CBOE let it traders know that there would no future contracts on bitcoin. As Coingape reported earlier, CBOE’s Global Markets Inc. (Chicago Board Operation Exchange), has already suspended its upcoming future contract citing a reason to improve the approach towards cryptocurrency derivatives. The absence of CBOE’s futures contracts apparently led people to move towards CME (which since early days outperforming CBOE futures contract) and capture the mainstream attention.
According to data provided by Coinmarketcap, Bitcoin trades at the value $5193 against US Dollar and has declined a bit with 1.64 percent over the past 24 hours. Moreover, the average trading volume counts $91,584,724,667.
Ideally, CME is larger than CBOE and both platforms had announced their futures contract on Bitcoin in late 2017 when Bitcoin was soaring to all-time high volume. Moreover, the presence of bitcoin futures on CME and CBOE let institutional investors participate in the crypto economy – meantime, the crypto market captures investors via traditional platforms like CME and CBOE.
What do you think about bitcoin’s surging volume and future contract? Share your thoughts with us.
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com