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Bitcoin News

Bitcoin Futures Trading: Daily Volume Is Now Up 41% Over Q2, CME Report Notes

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In the latest Bitcoin news, we are focusing on the Bitcoin futures trading at the Chicago Mercantile Exchange (CME) which has seen a fair share of ups and downs over the past couple of months, especially in the first and second quarter of this year.

However, in the third (and now present) quarter, it seems like the interest for Bitcoin futures trading is high. According to an official report issued by the CME, the average daily trading volume of Bitcoin futures in Q3 is now up 41% from the one we saw in Q2 this year.

The number of open contracts on Bitcoin futures also rose by 19% in the third quarter, and the trading dynamics have now been growing at a slower pace. Even though during the Q2 it was reported that the Bitcoin futures trading saw an increase, this quarter (Q3) holds the records for such activities.

Recently, Bloomberg issued a report which pointed out to the CME and the lack of plans to introduce any new features on any cryptocurrencies other than Bitcoin in the near future. However, Terry Duffy, who is the CEO of CME, then revealed that the company should first work on the approach to Bitcoin futures, stating that it “might have been the most controversial launch of a product.”

 

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Altcoin News

Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors

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coinbase is rolling
One of the largest cryptocurrency exchanges in the world, Coinbase, is apparently launching new tools that will help entry-level crypto users to understand what seasoned traders do. Coinbase is rolling out the new data tools now - in a suite of signaling tools which broadcast the activity of the platform's top traders. The news are all over many best cryptocurrency news sites.
“The top holder activity signal is the percentage of Coinbase customers with large balances of an asset (top 10%) who have net increased (bought) or decreased (sold) their positions in that asset through trading over the last 24 hours,” Coinbase explained in a blog post which went viral in the altcoin news. “This is updated approximately every 2 hours.”
Speaking to CoinDesk, one Coinbase spokesperson further noted that top holder activity would be aggregated from all of the individual Coinbase accounts across the exchange - excluding the ones set up by institutions. Beyond the sharing metrics on Coinbase power users, the fact that Coinbase is rolling out their data tools will apparently help retail users make more informed decisions. The Coinbase customers will also be able to see the median number of days an asset is held by traders on the exchange before it is sold or moved to another address, the latest cryptocurrency news show. Another tool which Coinbase is rolling out will gauge the popularity of assets on Coinbase as well as their relative price correlations to other crypto assets. All of the "exclusive" data tools are available to any user for free starting from today.
“For individual investors, especially those new to crypto, we hope these new signals will encourage more informed management of a diversified crypto portfolio. We want trading signals to help first-time investors build the right portfolio to suit their investment goals,” a spokesperson from Coinbase noted.
Now that Coinbase is rolling out these data tools, a senior engineer from the company named Will Drevo says that the platform's top crypto accounts have a tendency to buy rather than sell their portfolio positions.
“Historically, when top holders are either unusually bullish or bearish this has been indicative of changing market conditions, but not always," Drevo wrote in another post.
Founded in 2012, Coinbase has snagged a $8 billion valuation this year.
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Bitcoin News

Bitcoin Bounces Back Near $10k, Analysts Aren’t Convinced Of A Run

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dr. doom
The price of Bitcoin is all over the latest cryptocurrency news for its bleeding over the past few days. On July 11, a lot of analysts warned investors that the price of BTC could decline due to the Senate hearings and related things. However, now that Bitcoin bounces back, the same analysts are questioning themselves if the bear market is over. Currently, Bitcoin is at $9,872 and the market participants are still optimistic for a new 2019 high. However, the price of BTC is far from those levels and needs to regain position first. As Bitcoin continues to show signs of weakness, it could drop by another 20% approximately - and could even hit $7,400 before resuming its uptrend. Bitcoin bounces back which is the only thing that is important and re-shared on many best cryptocurrency news sites. It seems like the momentum is strong despite the difficulties encountered over the week. Analysts immediately sounded the alarm about a possible sentiment change for Bitcoin but found it hard to reach consensus about whether the price declines were part of a long-term bearish trend.
“Bitcoin had a nice bounce that tapped the previous 4hr chart low and I honestly think it needs to push up more before continuation down,” investor and trader Josh Rager wrote in his Bitcoin price update on Twitter late Wednesday.
In the altcoin news, we can see that the increased momentum and the fact that Bitcoin bounces back has made a lot of altcoins wake up. It seems like Bitcoin's move to the upside has a more profound impact on the altcoin markets which had long failed to halt their declines. A lot of tokens in the top 20 cryptocurrencies by market cap showed improved performance on Thursday, with Ethereum (ETH) gaining 6.1% to hit $217. Litecoin (LTC) has also been growing as Bitcoin bounces back - it managed to post 15% gains while the embattled Bitcoin SV (BSV) also achieved double-figure growth. Previously, the bearish warnings had appeared - specifically from Brandt - suggesting that altcoin markets would not recover at all after the Bitcoin gains eclipsed them in 2019. The price of Bitcoin is stormy and its dominance sits at 65.3%. The total market cap has also regained a bit, and is currently at $268 billion.
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Bitcoin News

Bitcoin 30-Day Trading Volume Hits Records High Of $770 Billion

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bitcoin 30-day trading volume
Bitcoin 30-day trading volume reached a record high back on June 26 but the indicators are still managing to keep the record level in terms of monthly volume as we can read in the latest cryptocurrency news below. The number one cryptocurrency is trying to break past the support level at $9,000 and the trading volume is keeping a steady level. This shows that the bears are very strong and the number one cryptocurrency on the market has still not found the temporary low yet. According to the data from CoinMarketCap, Bitcoin’s trading volume from June 17 to July 16 was standing at $769.8 billion which was the biggest 30-day figure recorded. The daily average for the same period was about 25.6 billion. In comparison, the daily average volume year-to-date stands around 42% lower which is at $14.8 billion. The monthly volume figure from the recorded daily high that was reached on June 26 was over $45 billion. The lowest daily volume figure was also in June at more than $15 billion. Year-to-date, January has been the worst month regarding the Bitcoin price and the trading volume since the latter indicator was at 167.3 billion over the month with a $5.4 billion daily average. Despite the current high-level monthly volume recorded, bitcoin is far away from the traditional forex market which has an average daily turnover of over $5 trillion since 2016. It is worth to mention that the volume data from Coinmarketcap does not include the volume from BitMEX which boosts the highest bitcoin trading volume. The users at the exchange are allowed to engage in margin trading which means that the volume figures are slightly distorted and the platform’s XBT/USD pair is acting more like a derivative product than something else. BitMEX total trading volume in the last 30 days was standing at 207.2 billion and it was mainly driven by XBT/USD. Over the past week, the exchange has liquidated over $1 billion of long positions against the $174.4 million. This could impact the position on Bitcoin’s current price and could expect to extend the losses of the asset even further. The Bitcoin 30-day trading volume is expected to also increase steadily as noted in the altcoin news previously.
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Bitcoin News

Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC

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Bridgewater founder Ray Dalio, the billionaire investor, and hedge fund manager initially predicted that gold will become a major investment option during the ‘’paradigm shift’’ in the global markets. However, he forgot at that time about bitcoin, so let’s find out what he thinks now about this crypto asset in the latest cryptocurrency news below. Dalio explained in a LinkedIn post that many people have invested in stocks and equities which is why this asset class is in danger of reaching a major drop in returns. In order for people to balance out their portfolios, they will have to turn to assets such as gold. He explained:
 “Additionally, for reasons I will explain in the near future, most investors are underweighted in such assets, meaning that if they just wanted to have a better balanced portfolio to reduce risk, they would have more of this sort of asset. For this reason, I believe that it would be both risk-reducing and return-enhancing to consider adding gold to one’s portfolio.”
The Bridgewater founder advocated that gold is the only right option to choose for everyone that is looking to diversify their portfolio just in a time where most of the world seems to be investing in equities. This is not the only reason why Dalio believes that gold will witness a major surge in inflows. According to him, the global conflicts and the depreciating value of money will force them to go on the way back to safety. Gold will be the only asset to choose from for all the investors that are looking to store their wealth at a time when the central banks are trying to keep the interest rates low. Dalio’s comments could make sense a decade ago when bitcoin was first launched. Gold is universally considered to be a safe-haven asset that the investors buy in order to protect their wealth in difficult times. Bitcoin, on the other hand, is gaining the confidence of institutional investors and there are only a few people who believe that the cryptocurrency will replace the gold. Dalio somehow forgot that the times have changed and bitcoin is now considered as the perfect replacement for gold as noted in the coming altcoin news previously.
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