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Bitcoin Futures: Around 30 to 35 percent volume comes from outside the United States




Bitcoin Futures: Around 30 to 35 percent volume comes from outside of the United States
Source: Unsplash

Tim McCourt, CME Group Global Head of Equity Index Products and Alternative Investments, and John Deters, Head of Strategies and Multi-Asset Solutions at Cboe Global Markets, spoke about the people currently trading in Bitcoin Futures market and the time period in which they usually tend to trade. The discussion took place in the recent FIA Boca 2019 event on ‘Cryptocurrencies and Derivatives: The Battle for Dominance’.

When asked about CME’s trade across the world, Tim McCourt stated that around 30% to 35% of their Bitcoin futures volume came from outside the United States. This, according to him, is above the wide exchange average at the CME group. He said,

“And when you look at it at the time of the day, what’s interesting to know is about 50% of our volumes occur in the Bitcoins futures contract before the U.S traditional cash equities market open.”

He went on to say that the balance in trade is “almost” split among the non-US and US users in terms of volume, adding that it is a unique characteristic of the product. He further stated that this “speaks for the global demand and interest in Bitcoin”.

This was followed by John Deters discussing whether there was a similar trend at CBOE markets. He stated that the trend was indeed “very similar” in CBOE’s markets as well, adding that it is one of the things they have learned since the launch of their futures market. He further stated that the market participants were diverse, with a significant number coming from Asia.

The Head of Strategies and Multi-Asset Solutions at CBOE Global Markets said,

“To think about brand new futures product, really first in the U.S but kind of first in the world that are truly regulated marketplace and there were a lot of unknowns among them being who would participate from what parts of the world, what types of market participants would move first, which would be second movers.”

Furthermore, he also spoke about institutional interest. He said:

“To be candid there are still quite a few large-size institutions who are connected and ready to trade but dont and I think that’s just the factor of relative immaturity of the product.”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%




Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.

Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”

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