CME Bitcoin futures reached $100bn in volume since 2017
The product was launched during the crypto boom in December 2017
The Chicago Mercantile Exchange (CME) has revealed that its futures trading product has surpassed $100bn (£76.1bn, €90.7bn) in total notional volume.
CME Group managing director, Tim McCourt, told Cointelegraph that Bitcoin futures have evolved over the past two years since their launch in December 2017. Back then, Bitcoin reached its all-time high amid a sudden crypto boom, and major institutions, including the CME and the Chicago Board Options Exchange (CBOE), decided to launch Bitcoin futures trading product.
While the crypto-related derivative contracts have been popular at the CME, CBOE was not so lucky trading them and discontinued its Bitcoin futures trading product amid the long-lasting bear market in March 2019.
New York-based platform Bakkt, which launched its Bitcoin options in December 2019, is also facing troubles with the new trading product. According to recent data, last week not a single Bitcoin option was traded on Bakkt. The last deal was registered on January 17.
The Atlanta-based Intercontinental Exchange (ICE) launched its Bitcoin futures in September 2019. The exchange is also supporting Bakkt Bitcoin (USD) futures options.
Bitcoin has recently surprised traders with an unexpected rally, first crossing the resistance level at $9,100 and then briefly hitting $9,500 on Binance exchange. The world's major cryptocurrency has not visited those levels since November 2019.
According to analysts, the rally can extend to $10,550 and even to $12,000, as the Bitcoin price has pushed above the important minor resistance level.
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