Crypto derivatives market saw its busiest day in 2020
On Tuesday, January 14, the total trading volume of futures and options for BTC was up 9 per cent
Crypto derivatives market saw an uprise on Tuesday, January 14, which made it the busiest trading day in 2020 so far.
According to the data published by Skew, futures and options for Bitcoin (0'>BTC) gained 9 per cent that day, while Ether (0'>ETH) jumped 16 per cent.
As for BTC futures, the total amount traded that day almost reached $25bn (£19bn, €22bn), which made it the busiest reading day since October 26. On the other hand, open interest on Bitcoin futures grew to 16% and reached $3.5bn.
BTC options, in their turn, saw their best day since June 26.
Meanwhile, ETH futures trading volumes reached $3bn, which is three times more than on Monday January 13. ETH options surged to five times higher than the previous day.
The increased attention on crypto derivatives could possibly be related to the successful launch of BTC options trading on US exchange CME that also took place on January 13.
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Just as CME opened trading, BTC price started surging and crossed the $8,500 mark for the first time in 2020.
At press time, BTC was traded at $8,615, growing by 7 per cent throughout the week. In case the world's major cryptocurrency manages to stay above $8,500, it could continue growing to $10,000 and further, Currency experts have said.
Currently, crypto derivatives are traded on several major platforms, including CME and Bakkt, and some crypto exchanges, such as BitMEX, Deribit, and OKEx.
FURTHER READING: Bitcoin surge slows after best start to a year since 2012
FURTHER READING: Crypto derivatives: Everything you need to know