Bitcoin Price Resurgence Catapults CME Bitcoin Futures Volume to Record High

https://blog.ourgreenfish.com

The Chicago Mercantile Exchange (CME Group), a US-based derivative market, has seen an unprecedented spike in the trading volume of Bitcoin futures contract in the last week as prices across the crypto markets significantly rebound, Bloomberg reported April 9.

On April 4, CME Group has hit a record 22,542 contracts, equivalent to 112,710 Bitcoin with a $546 million notional value, breaking last February’s record high of 18,300 contracts per day, equivalent to roughly 64,300 Bitcoin. Citing the derivatives exchange operator’s recent release, the report further noted that the vast majority of trading volume came from Asia, accounting for 12,634 of the contracts traded on that day.

The massive influx in trading volume follows on the heels of Bitcoin’s recent price surge, as the flagship crypto saw a 30 percent spike over the last two days, after months of relatively idle trading activity, with Bitcoin future volumes drastically spiraling down since last December’s lowest volume. According to Bloomberg’s price aggregator, by 10:12 am in Hong Kong, Bitcoin saw a 0.5 percent price surge, reaching a $5,279 value at the time.

The news comes roughly a month after CME Group’s rival, Cboe Global Markets, announced in a post that it was reconsidering its approach to crypto derivatives, indicating that it would no longer list more contracts for the time being.

Both stock exchanges initially launched Bitcoin futures trading in December 2017, at the time Bitcoin saw a record high, catapulting its price to nearly $20,000. However, the flagship crypto subsequently took an abysmal nosedive in 2018, as Bitcoin lost 74 percent of its value, dragging the entire crypto markets along with it.