BITCOIN FUTURES TRADE A RECORD HIGH OF $1.3 BILLION

BITCOIN FUTURES TRADE A RECORD HIGH OF $1.3 BILLION

The world’s largest options and futures exchange, and one of the first two contributors of Bitcoin futures contracts, Chicago Mercantile Exchange and Chicago Board of Trade (CME Group) rallied to an all time high on May 13th 2019.

According to CME’s records, the exchange recorded 33,700 future contracts on Monday, which represents a value of around 168,000 Bitcoin, or $1.35 billion.

CME’s Group’s Bitcoin futures products skyrocketed due to a direct result of the crypto exchange spot markets rallying to record volumes.

CME announced on May 13th,

“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”.

Bakkt To Launch Bitcoin Futures

Bakkt soon to launch Bitcoin Futures

The news follows the latest announcement from Bakkt CEO, Kelly Loeffler, announcing that the Intercontinental Exchange (ICE) could be given approval to process in just 10 short days pending Commodity Futures Trading Commission (CFTC) approval. This will prepare for user acceptance testing (UAT) of its Bitcoin futures contracts and custody solutions.

Loeffler stated,

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

Two options will be available to its users, including a daily settlement contract, and a monthly futures contract.

Contracts will be set up in a style consistent with capital-efficient risk management in other global futures markets.

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