On February 8th, Bitcoin has been changing hands at $3,400 only to take a surge to $3,662 level. For the next ten days, the Bitcoin price oscillated around $3,600 level. However, this week, Bitcoin took a hike of 10 percent and nearly reached $4k mark.
In tandem with the surge in Bitcoin price, the volume of Bitcoin Future on CME also took a significant hike as CME Group reported on Twitter,
“Surge in bitcoin price leads to record BTC futures volume on February 19 with over 18K contracts traded.”
The contract unit of CME Bitcoin futures is 5 Bitcoin and at $4,000 per Bitcoin rate, this amount to $360 million. CME Bitcoin futures are off to a good start as it beats the last record set on November 20, 2018.
Since the launch of futures contracts on December 17th, 2018, CME Group has had more than 21,000 accounts trading the Bitcoin futures contracts. This investment vehicle provides the investors with an opportunity to bet on the future price of Bitcoin and go long or short on it.
However, the volume has yet again taken a dip as Bitcoin price didn’t surge further rather went red as it has been trading at $3,957 with 24-hours loss of 0.72 percent, at press time, according to the data provided by Coinmarketcap. Meanwhile, the daily trading volume managed by the leading cryptocurrency is at $7.4 billion which has been at its highest on February 19th at $9.9 billion.
CME Bitcoin futures expire on the last Friday of the contract month at 4:00 p.m. London time. This means today it.e. February 22nd is the last trade date for the CME Bitcoin Future contracts.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.