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The group forecasts that 257.4 million people will fly on U.S. carriers between June 1 and Aug. 31.
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).
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.
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.
“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.
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.
The post CME’s Bitcoin Futures Break Records With $ 1 Billion in Notional Volume appeared first on Bitcoin News.
John Daly tells TMZ Sports he KNOWS Tiger Woods is gonna break Jack Nicklaus’ all-time major championships record … saying, straight-up, it’s fate. “I not only think, I know he will,” Daly tells us … “It’s just destiny.” Daly says like the…
A New Orleans-area woman, who beat up her ex-boyfriend with his own prosthetic leg earlier this year because he tried to break up with her, was arrested last Wednesday, police said.
Police in northern California say an Uber driver has been arrested for trying to break into the home of a passenger he had dropped off at the San Francisco airport, then burglarizing a neighbor’s home. The San Mateo Police Department said Monday that officers arrested 38-year-old Jackie Gordon Wilson on…
British Prime Minister Theresa May tore up her Brexit strategy on Tuesday, declaring the UK would need to seek another delay to the process of leaving the European Union and offering cross-party talks to break the political deadlock.
CNN.com – RSS Channel – World
With spring break just around the corner, the US State Department has some advice for the thousands of Americans who head to Mexico this time each year.
CNN.com – RSS Channel – Regions – Americas
Tracy Maurer was supposed to visit New Orleans’ Tulane University to see her daughter graduate in May. Instead, she’ll be planning a funeral for Margaret “Meg” Maurer, per KSTP . The 21-year-old from Forest Lake, Minn., was killed at a highway rest stop in Mississippi on Tuesday in what authorities describe…
The cryptocurrency markets have seen significant volatility over the last 24 hours, with BTC rallying by 7% to test resistance at $ 4,200, before violently crashing approximately 10% back below $ 3,800. BCH has posted comparable volatility, currently trading for $ 135 after rallying above $ 150 for the first time since Jan. 10 earlier today.
BTC Fails to Establish Support at $ 4,000
BTC briefly rallied above $ 4,000 today after gaining more than 4% in one hour. The rally saw BTC test $ 4,200 for the first time since Dec. 2018, before crashing 9% in less than 60 minutes as bulls failed to establish support at $ 4,000. Bitcoin core is currently trading for roughly $ 3,800.
BTC currently has a market cap of $ 67.32 million and a dominance of 52.1%.
BCH Briefly Trades Above $ 150
BCH produced a more steady rally today, gaining 11% in 12 hours to trade above $ 150 for the first time in approximately seven weeks. After support failed to hold at $ 150, BCH shed 15% in less than one hour. Bitcoin cash is currently trading for roughly $ 130.
When measured against BTC, BCH gained 5% in two hours to establish resistance at 0.0375 BTC, before falling 7% in one hour. BCH is currently trading for approximately 0.0345 BTC.
BCH is the sixth largest crypto asset with a market capitalization of $ 2.34 billion and a dominance of 1.85%.
ETH Tests Resistance at 0.04 BTC
Ethereum gained 13% across the course of 12 hours today, breaking above the $ 150 area before posting a local top at $ 170. The gains were short-lived, with ETH crashing 15% in one hour after support at $ 165 failed to hold. Ethereum is currently trading for $ 150.
When measured against BTC, ETH gained 6% in 12 hours to post resistance just below 0.04 BTC, before falling 9% in less than three hours. ETH is trading for 0.0363 BTC as of this writing. Ethereum is the second largest cryptocurrency with a capitalization of $ 14.61 billion and a dominance of 11.52%.
What direction do you expect the crypto markets will trend in during coming days? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Tradingview
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
The post Markets Update: Leading Cryptocurrencies Briefly Break Local Resistance appeared first on Bitcoin News.
A group of anti-Brexit MPs have split off from their respective parties, shaking up British politics just as the country seeks to seal its departure from the European Union next month.