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CME’s Bitcoin Futures market registers new highs for May; average daily volume up by 36% since April

Arijit Sarkar

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CME's new records in volume and open interest hint breakneck crypto adoption
Credit: Pixinio

The Bitcoin futures market surprised traditional financial leaders and crypto-proponents after it not only survived the crypto-winter, but also opened a bridge for mainstream, institutional investors in the realm. Supporting this notion, CME Group, a global markets company, recently recorded new highs in both volume and open interest in May.

The record was brought to light on Twitter by @oliverzok, a prominent blockchain influencer, who tweeted,

“CME bitcoin futures saw new records in both volume and open interest in May, adding over 200 new trading accounts”

While the news may not reflect an immediate increase in crypto-adoption across the globe, CME’s latest achievement has comforted the ecosystem of a sustainable user base for the coming future. Additionally, @oliverzok tweeted,

“Average daily volume finished at more than 13,600 contracts, or ~$515 million in notional USD traded value, up 36% since April and over 250% year-over-year”

Source: @oliverzok

Although the overall crypto-market is far from revisiting its peak, the involvement of leaders from other business verticals and the growing ease of crypto-inclusion is showing an overall positive impact on the industry as a whole. The growth of the CME Bitcoin Futures market, especially with respect to the number of trading accounts and volume, reveals the gradual introduction of more investors to the crypto-market. Moreover, several crypto-enthusiasts have perceived the news as a win for the free market. One such fan replied to the original tweet,

“The free market made the decision. Clearly the market chose CME.”

The crypto-market has made the most of 2019 in terms of gaining mainstream attention and adoption. Its premier cryptocurrency, Bitcoin [BTC], has enjoyed a great 2019 after a terrible crypto-winter, and has pulled the prices of the altcoin market up as well. Considering the growth trend witnessed by the ecosystem, several industry leaders speculate that the year will mark the birth of a sustainable crypto-fiat synergy.





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Bitcoin

Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit

Namrata Shukla

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Source: Pixabay

Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.

The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.

Source: Trading view

Source: Trading view

The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,

“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”

Source: Twitter

Source: Twitter

The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.





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