Topic: CME Bitcoin Futures Hit Record High – 112,710 BTC Traded Worth $546 Million (Read 210 times)

prices of bitcoin  Drops by 30 percent In a very short period at least  each year ... prices bitcoin still in a bubble state ;More than 16 month without another big drop Not possible

I think the price will continue to climb steadily throughout the rest of 2019 but I don’t expect to see real fireworks until 2021.

It just coincides with the recent spike in the price during that week. And also CBoE is pulling out this offering this month (https://news.bitcoin.com/cboe-discontinues-bitcoin-futures-for-now/). So investors who love putting on this kind of cash-settled could have shift to CME that's why it hit a record high this time. As whether it's a good news or not? Hard to tell because since they enter the picture, the bitcoin ecosystem worsens.

And it seems like some people on the futures market are gearing for another spectacular run for this year, though I'm still not convinced that that would be the case. The last time the futures market got involved in the mayhem was in 2017 where the price shot through the roof, until the massive sell-off come end of December throughout the whole year of 2018. I'm still quite wary as to where this market would lead, or whether we have entered yet another bullish cycle. Some markets are already reacting accordingly and market conditions are somewhat inclined towards the side of the bulls.

Oh well, one can only hope.

these are just cash-settled contracts. they aren't backed by coins so they're not really "paper bitcoins" or anything like that. there is no arbitrage mechanism to the spot market so they can't really affect the price. CME futures just follows the spot market.

if bakkt gets approved, we'll start to see paper bitcoins circulating and it'll probably have an effect on spot market supply. that could affect the price and might allow wall street to mess with the spot market.

I am not entirely sure if this is really a good news or not. I mean this allows bitcoin to be used on a wrapped way, like none of these people actually buy or sell bitcoin you know that right? These people BET on the price of bitcoin instead, which makes bitcoin turn into one of those banking finance stuff that we have worked so much to get away from with bitcoin.

Why would you bet on bitcoin price with bitcoin to make more bitcoin, how does that make any sense and how does that help anyone at all ?

It is just a way for us to actually make profits and not improve bitcoin in general. Hell it even allows you to make profit from bitcoin price going down which many people used during 2018 to make profits of our misery. That is why I am not entirely sure the existence and increases of CME is good for us.

Since CME Group launched Bitcoin futures at the end of 2017, the price has suffered from a long winter period of continuous and continuing decline below $ 6000 in the middle of last year and then further down after a period of stability up to $ 3,000.

The rise back to $ 5000 will have a good impact, especially as some began to restore trust in cryptos and the possibility of exceeding the price to $ 6000, especially with the news coming from BSV Binance.

People are coming back into the crypto space and this is a very good sign, after the dump in price we experienced in 2018, a lot of people lost trust in Bitcoin and crypto as a whole just because they don't understand the system and how it works, they don't know what we were experiencing was just a market correction and was bound to happen.

But, now it seems that they realize what was happening and that it's over already, and therefore we are going to see another moon in the price of Bitcoin and crypto as a whole.

CME Bitcoin futures volume hit a record high of $546 million on April 4, as 22,542 contracts were traded.

The volume high broke the previous record of over 64,300 Bitcoin traded on February 19.

    CME Bitcoin futures had a record trading day on April 4, hitting an all-time high volume of over 22.5K contracts (112.7K equivalent bitcoin), surpassing previous record of over 18.3K (64.3K equivalent bitcoin) on February 19. More #Bitcoin futures. $BTC_F https://t.co/kWYK203apA pic.twitter.com/CX5nF8dXyv

    — CMEGroup (@CMEGroup) April 5, 2019

CME’s cumulative volume chart shows that 12,634 contracts worth $306 million in Bitcoin (63,170 BTC equivalent) was traded by the end of Singapore/Hong Kong trading day on April 4, while 17,502 contracts worth $424 million in Bitcoin (87,510 BTC equivalent) was traded by the end of London trading day.

By the end of trading day in Chicago, a record 22,542 contracts worth $546 million in Bitcoin (112,710 BTC equivalent) had traded.

The unexpected record-breaking numbers follow Bitcoin’s double-digit percentage surge, which began last Monday.

Bitcoin futures had a strong start on Tuesday, April 2 as the Cboe and CME April contracts increased by over 16% to $4,805.

In a note to Barron’s, Gabor Gurbacs, digital asset strategist at VanEck, says he believes Bitcoin’s recent price spike to its highest level since November 2017 was triggered by the futures market.

Renewed interest in Bitcoin futures remains high, despite Cboe Global Markets’ decision to stop new Bitcoin futures.

Bitcoin is currently trading at $5,213, up  25.46% since April 1 when it was trading at $4,155.


Reference: https://dailyhodl.com/2019/04/09/cme-bitcoin-futures-hit-record-high-112710-btc-traded-worth-546-million/