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Bitcoin Futures: CME tops charts, trading volumes spikes by 263% as April rally buoys market




Bitcoin Futures: CME tops charts, trading volumes spikes by 263% as April rally buoys market
Source: Pixabay

As Bitcoin [BTC] surges to the moon, and still looks to ascend, the markets sparked a revival in April. The Futures market, an often-forgotten aspect of the diverse array of BTC products, performed exceedingly well as Bitcoin broke the $5,000 ceiling.

The spearhead of this BTC futures rise was the Chicago Mercantile Exchange [CME], which saw a massive 263 percent increase in their average trading volume in the month of April alone, as indicated by the CryptoCompare’s monthly exchange review. Following the phasing out of their cross-town neighbors the Chicago Board of Options Exchange [CBOE], the CME aims to capitalize on the BTC derivatives market.

CME’s BTC futures volumes accounted for a whopping 86.6 percent of the total regulated Bitcoin derivatives market. The exchange’s volume increased from $70.5 million in March to $256 million in April.

However, CME is not completely unrivaled in the market as Grayscale Investment Group’s premiere BTC institutional product, the Grayscale Bitcoin Trust [GBTC], overtook the CBOE in terms of derivatives volume. For the month of April, GBTC’s volume stood at $29.7 million, a mere 11.6 percent of CME’s volume.

CBOE, despite intending on departing the Bitcoin Futures market once their current XBT contracts mature, also saw a 110 percent increase in volume from $4.7 million to $9.9 million, solely due to the price rally attracting wall street traders. The exchange currently has two XBT contract, XBTJ19, and XBTK19 which will expire in May and June respectively, following which they will exit the market.

On April 2, when Bitcoin saw its highest price gain in over a year, rising by a mammoth 15 percent, the week that followed was the most successful trading week for CME in 2019.

The week that followed Bitcoin’s April 2 price pump was the most successful for the CME, in terms of BTC volume, in 2019. Days after BTC rose by over 15 percent in a day, CME’s trading volume increased by 950 percent and saw over 22,500 contracts traded in a single day. Given that one contract represents 5 BTC, with each trading at over $5,000 [on the day], over $560 million was traded on April 4 alone.

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Binance Chain testnet undergoes ‘Galileo’ update via hardfork; mainnet to follow suit




Binance Chain testnet to receive 'Galileo' update via a hardfork; mainnet to follow soon
Source: Unsplash

Binance Chain’s testnet underwent a hardfork today at block height 24,020,000, at around 2019/06/26 7:00 AM (UTC). The new update will have various bug fixes, improvements to the existing chain, and is expected to improve on-chain performance.

The new announcement details all the features the new update will include for DEX users, or any exchanges that list BNB, or run a client. The BNB blockchain will provide validators access to create a “delist protocol” and vote on delisting trading pairs that have very little volume for a long time via governance.

The Galileo update will also provide a “Time Locking” feature for token assets, while also improving the Match Engine in Binance DEX, which according to the blog is “not optimized in some cases.” The complete list of changes is available for users to read in the changelog.

The testnet changes will be followed by changes on the mainnet. The blog added,

“Binance Chain Mainnet will also be undergoing an upgrade a few weeks later (please stay tuned with the later announcement).”

Additionally, Binance also announced the launch of Binance 2.0 for everyone, which also includes the margin trading feature on Binance. The Binance 2.0 has the website revamped, with the old one being decommissioned soon.

While some users complained that there were problems depositing USDT, others complained that margin trading feature was still not available.

A Twitter user, @rallyqt, commented,

“- Galileo upgrade
– Margin
– Binance stable coin
– Binance DEX
Keep building & piecing the Binance ecosystem together! 🧩
@cz_binance, how many users signed up for Binance this year? Alt fomo season starts when exchanges have to temp close due to an influx of users haha 😉😊”

CZ replied,

“We have increased our registration capacity in anticipation of this, a year ago. It should work, in theory, let’s see what happens. 😂
Registrations are definitely picking up speed.”

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