The Chicago Mercantile Exchange (CME) Group is in the latest cryptocurrency news for announcing a new record breaking high for its Bitcoin futures. As the official Twitter post stated, the CME BTC futures managed to record $1.7 billion record high in notional value.
The futures by CME are actually standardized contracts that bind a party to buying or selling Bitcoin at some set time after a signing. The post noted that the CME BTC futures hit $1.7 billion in notional value which was traded on June 26.
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This is a 30% increase from its last recorded high. The open interest for these Bitcoin futures is now at 6,069 contracts – most probably as a result of institutional interest.
CME Bitcoin futures reached a record $1.7B in notional value traded on June 26, surpassing the previous record by more than 30%. The surge in volume also set a new open interest record of 6,069 contracts as institutional interest continues to build. $BTC https://t.co/WqXSPX0raR pic.twitter.com/HjGKb9a0ah
— CME Group (@CMEGroup) June 28, 2019
A week before that (June 21), the CME BTC futures were a hot topic on many best cryptocurrency news sites for breaking $10,000 as data from TradingView showed. One day before that (June 20) the CME group posted another record high of 5,311 open futures contracts which totaled 26,555 or around $280 million in Bitcoin at press time.
The value of the most dominant cryptocurrency, Bitcoin, has been changing day to day. As BTC corrected overnight, it reached a price of below $10,000. However, BTC peaked around $13,800 last week but still failed to hold at the $12,000 level after which it started dropping and trading sidewise in that range on June 28 and June 29.
In the coming altcoin news, it seems like Bitcoin is driving the downward trend for other cryptocurrencies. As BTC collapsed and despite the CME BTC futures announcement, Ethereum, Ripple, Litecoin and Bitcoin Cash are all recording losses in the top 5. The losses extend in the top 10 and top 20 too and literally every coin until the 32nd ranked one is losing points in its value these days.
Meanwhile, many analysts are predicting that Bitcoin’s bull run may take another swing which may be even more powerful and dominant than the previous one. The price targets are set at $20,000, $30,000 and even $50,000 by some analysts. Still, our expert opinion shows that in order to rise to new highs, Bitcoin must consolidate over the $15,000 mark and then cross the all-time high that it managed to score in December 2017 – trading at less than $20,000.
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