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| June 17, 2019

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Bayer pours $5.6 billion into weedkillers that are not Monsanto’s Roundup

June 15, 2019 |

Bayer will pump about $ 5.6 billion of its research and development budget into alternatives to its weedkiller glyphosate over the next decade as it battles more than 13,000 lawsuits claiming the herbicide causes cancer.

Trying to ease concerns about the controversial compound, the German chemical…

L.A. Times – Business

Chewy raises $1 billion in IPO, and stock soars in trading debut

June 14, 2019 |

PetSmart Inc.-controlled Chewy Inc. surged in its first day of trading after raising $ 1.02 billion in an initial public offering, as investors bet that pet owners will do more of their shopping online for cat food, dog sweaters, horse vitamins and other pet products.

Chewy’s shares opened at $ 36…

L.A. Times – Business

Slack’s stock market debut may value the workplace chat app at $17 billion

June 12, 2019 |

Slack Technologies Inc. is expected to be valued by investors at $ 16 billion to $ 17 billion when it lists its shares publicly next week, according to people familiar with the matter.

That valuation is roughly based on the workplace chat and collaboration software company’s projected revenue and…

L.A. Times – Business

Salesforce to buy Tableau for $15.3 billion, making push into big data

June 10, 2019 | Inc., which makes America’s dominant sales-tracking software, agreed to buy Tableau Software Inc. in an all-stock deal valued at $ 15.3 billion that it said would help give customers more ways to analyze data.

The takeover will mark Salesforce’s largest deal to date, according to…

L.A. Times – Business

Uber will cut back customer promotions after losing $1 billion in first quarter

May 31, 2019 |

Uber Technologies Inc. posted a $ 1-billion quarterly loss, among the largest of any public company.

Nelson Chai, the company’s chief financial officer, laid out a path for costs to eventually come down. On a conference call after the report, Chai said Uber would cut back on customer promotions…

L.A. Times – Business

Carlsbad desalination plant will be sold to investment firm for $1 billion

May 29, 2019 |

An affiliate of Aberdeen Standard Investments has agreed to buy the Carlsbad desalination plant in Southern California for more than $ 1 billion, according to people with knowledge of the matter.

A transaction could be announced as soon as this week, said one of the people, who asked not to be identified…

L.A. Times – Business

Facebook says it removed a record 2.2 billion fake accounts in the first quarter

May 27, 2019 |

Facebook Inc. said it removed 2.2 billion fake accounts in the first quarter, a record that shows how the company is battling an avalanche of bad actors trying to undermine the authenticity of the world’s largest social media network.

The number of fake accounts removed was nearly four times higher…

L.A. Times – Business

UPDATE 4-U.S. Senate passes $19.1 billion in disaster relief, no border aid

May 24, 2019 |

UPDATE 4-U.S. Senate passes $  19.1 billion in disaster relief, no border aidThe U.S. Senate on Thursday approved $ 19.1 billion in aid to help Americans rebound from a string of natural disasters, and President Donald Trump supported it even though it did not include the funds he requested to address a migrant surge at the southern U.S. border. The Senate, which has a thin Republican majority, approved the measure 85-8. Democrats, who have a majority in the House of Representatives, said a vote could soon follow in that chamber.

Yahoo News – Latest News & Headlines

CME’s Bitcoin Futures Break Records With $1 Billion in Notional Volume

May 15, 2019 |

CME Group's Bitcoin Futures Breaks Records With $  1 Billion in Notional Volume

The world’s largest options and futures exchange, Chicago Mercantile Exchange & Chicago Board of Trade (CME Group) and its bitcoin futures contracts saw an all-time high on May 13. According to CME’s records, the exchange recorded 33,700 contracts on Monday which represented a notional value of around 168,000 BTC ($ 1.35 billion).

Also Read: Our Value of Money Is Subjective But That Doesn’t Make It Meaningless

CME Sees Over $ 1B of BTC Futures Contracts Traded

CME Group’s bitcoin futures contracts soared on Monday at the same time that crypto spot markets saw record volumes. Over the last few months, more interest has been aimed at cryptocurrency derivative products. For instance, during the second week of April, bitcoin cash (BCH) futures started rising significantly prior to recent BCH price appreciation. Crypto Facilities and executive Sui Chung detailed how BCH contracts in March saw close to $ 50 million in volume. During the same week on April 4, CME group saw its first record of roughly 22,500 BTC future contracts. On May 13, the options and futures exchange announced:

CME Bitcoin futures reached an all-time record high of 33.7K contracts on May 13 (168K equivalent bitcoin), up nearly 50% from the last record of 22.5K contracts on April 4. See how market participants are using BTC to manage uncertainty.

The options and futures exchange also saw a large uptick in BTC futures volumes in February. Despite the increased trade volume, the derivative markets providers reported a net income loss of 17% for Q1 on May 1. BTC contracts, however, are pretty high on May 14 as well with 22,234 contracts as the day’s volume is nearing the April 4 record.

CME's Bitcoin Futures Break Records With $  1 Billion in Notional Volume

Bakkt’s Physically Delivered Bitcoin Futures Will Launch Soon

The news also follows an announcement from the Intercontinental Exchange and its Bakkt Bitcoin Daily Futures Contract products. Bakkt CEO Kelly Loeffler updated the public on Monday in regard to the physically delivered bitcoin futures contracts that have been delayed month after month. According to Loeffler, user acceptance testing for the bitcoin futures custody and trading is planned for July but Bakkt could get approval from the Commodity Futures Trading Commission (CFTC) within the next 10 days.

CME's Bitcoin Futures Break Records With $  1 Billion in Notional Volume

“Bakkt will contribute $ 35 million into the clearinghouse risk waterfall,” Loeffler noted. “This puts our own ‘skin in the game’ and aligns our interests for market integrity and safety with market participants.” The Bakkt CEO added:

For physical delivery and secure storage of bitcoin, an integrated custody service will be fulfilled by Bakkt’s qualified custodian, subject to regulatory approval. Safekeeping will be supported by insurance, cybersecurity, and comprehensive compliance, including an anti-money-laundering program and blockchain analytics.

While Spot Market Prices Rise, Institutional Interest in Crypto Gathers Momentum

The recent magnitude of futures volumes for both BCH and BTC has correlated with parabolic price rises for both digital assets. For instance, bitcoin cash is up 31% over the last seven days while bitcoin core is up 35% for the week.

CME's Bitcoin Futures Break Records With $  1 Billion in Notional Volume
CME Group BTC futures quotes on May 14, 2019.

In addition to this, futures markets and institutional interest have been gathering momentum. Steven Quirk, executive vice president at TD Ameritrade, told the audience at the Consensus 2019 conference that 60,000 clients have called or emailed because they are interested in trading futures products tethered to digital assets. Quirk added:

As soon as you open the door, you’re going to get a lot of people looking to participate in the market.

Monday and today’s CME Group futures volumes show interest in these products continues to grow and when other companies latch onto this trend they’ll also want in on these offerings. A lot has changed since CME Group launched its bitcoin futures service in December 2017 and it seems investors are still very attentive when it comes to crypto derivatives products.

What do you think about the recent futures action lately tied to the cryptoconomy? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, CME Group, Bakkt, and Medium.

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The post CME’s Bitcoin Futures Break Records With $ 1 Billion in Notional Volume appeared first on Bitcoin News.

Bitcoin News

Jury awards $2 billion to couple claiming Monsanto’s Roundup gave them cancer

May 14, 2019 |

Bayer was ordered to pay more than $ 2 billion in damages to a California couple who claimed they got cancer as a result of using the company’s Roundup weedkiller for about 30 years.

It’s the largest jury award in the United States so far this year and the eighth-largest ever in a product-defect…

L.A. Times – Business