CME Group Bitcoin Futures Hit $1.3 Billion Amid Parabolic Advance

CME Group reported record volume for its bitcoin (BTC) futures on May 13 as the cryptocurrency’s surprise bull market continued. CME, which together with the Chicago Board Options Exchange (CBOE) became the first provider of bitcoin futures to the market in December 2017, saw an all-time record of 33,700 contracts on Monday. That figure represented an equivalent 168,000 BTC ($1.35 billion) — an almost 50% rise versus the previous high of 22,500 contracts and 112,700 BTC (currently $909.2 million) on April 4. At the time, CME had warned over a…

Bakkt to Roll Out First Bitcoin Futures Testing in July 2019

Bakkt plans to roll out testing for bitcoin futures trading in early July 2019, Bakkt CEO Kelly Loeffler announced in a Medium post on May 13. First announced in August 2018, institutional crypto exchange Bakkt now announced that it will soon introduce bitcoin futures trading testing on a federally regulated futures exchange in collaboration with its parent company Intercontinental Exchange (ICE). Specifically, Bakkt is working with both ICE Futures U.S. exchange and ICE Clear U.S. clearinghouse to prepare the first testing of bitcoin futures trading and custody. Loeffler wrote: “In…

A Big Plus, Ethereum (ETH) Futures Translate to Institutional Investment

Ethereum (ETH) prices add 4.4 percent Anonymous senior official says CFTC may approve compliant ETH derivatives Five months after issuing am RFI, the CFTC may get comfortable with Ethereum (ETH) derivatives opening up doors for institutional investment. Not only will it elevate Ethereum (ETH) position but CFTC approval would cement Ethereum as a go-to smart contracting platform. Ethereum Price Analysis Fundamentals The CFTC is a US Agency that regulates the options and futures market. All entities or funds wishing to roll out crypto futures or options markets must get a…

Gold Futures Projects Bitcoin Price 350% Higher in Roughly 378 Days

There is a strong possibility that the bitcoin price would surge by 350 percent in roughly 378 days, according to past trend behavior noted in the Gold Futures market. Cryptocurrency management firm Trading Shot found striking similarities between the Gold Futures (COMEX) and the Bitcoin spot market. The firm noted that bitcoin’s 2017 surge towards its historical high at $20,000 looked very similar to the Gold Futures’ bullish performance between July 1976 and January 1980. Moreover, their expected bearish corrections also trended hand-in-hand, as shown in the chart below. Gold…

CFTC ‘Can Get Comfortable’ With Ether Futures Product, Says Anonymous Official

United States regulator the Commodity Futures Trading Commission (CFTC) is open to the idea of ether (ETH) futures trading, cryptocurrency industry news outlet CoinDesk reported on May 6. The publication quoted an unnamed official, who appeared to say that ETH-based futures would be a reasonable product for consideration and approval should it meet the CFTC’s various requirements. The comments come around 18 months after the first cryptocurrency futures contracts got the green light from the U.S. in December 2017. Launched by CBOE and CME Group, both futures contracts focused exclusively…

CME Group’s Net Income Falls 17% in Q1 Amid Record BTC Futures Trading Volume in April

United States derivative market CME Group has reported a 17% fall in net income for the first quarter, according to a news release on May 1. Despite revenues rising over the three-month period, earnings stood at $497 million, compared with $599 million this time a year ago. CME Group chairman and chief executive Terry Duffy said the results amounted to the third-highest quarterly volume in its history “despite low levels of volatility in several product areas.” The group’s revenue had hit record highs in Q1 2018, with volatility in the markets helping…

CFTC Chair Giancarlo Hints at What’s Holding Back Bakkt’s Bitcoin Futures

The Takeaway Bakkt, the proposed bitcoin futures exchange, remains in regulatory limbo CFTC Chairman Christopher Giancarlo wouldn’t discuss specific proposals, but his general comments about crypto regulation offer hints at the reasons Bakkt is languishing Part of the problem appears to be the firm’s plan to custody its own bitcoin, and clear trades through its parent company’s clearinghouse This proposal may present issues both in terms of regulatory jurisdiction and opposition from other clearinghouse participants When Bakkt? The question has been posed repeatedly since last summer, when Intercontinental Exchange (ICE),…

Crypto Markets See Mild Green, Global Stocks and Futures Mixed as Oil Spikes

Monday, April 22 — after yesterday’s mild market teeter, almost all of the top twenty cryptocurrencies are seeing mild green on the day to press time, seeing growth of between 1 and 7%, as Coin360 data shows. Market visualization courtesy of Coin360 Bitcoin (BTC) is up 0.4% on the day and is trading at $5,315 by press time, according to CoinMarketCap. After yesterday’s dip to below $5,260, the top coin has just reclaimed ground above the $5,300 price point — but remains shy of its intra-week high of above $5,350…

Bitcoin Hovers Over $5,250 as Top Oil Futures See Slight Uptrend

Friday, April 19 — The top 20 cryptocurrencies are reporting mixed movements on the day by press time, as bitcoin (BTC) hovers over the $5,250 mark. Market visualization courtesy of Coin360 Bitcoin is down a fraction of a percent on the day, trading at $5,264 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is over 3.5%. Bitcoin 7-day price chart. Source: CoinMarketCap Ether (ETH) is holding onto its position as the largest altcoin by market cap, which is nearly $18.2 billion. The second-largest altcoin, Ripple (XRP),…

LedgerX Makes Bid to Launch Physically-Settled BTC Futures Product for Retail Investors

United States-regulated crypto derivatives and clearing platform LedgerX is eyeing the launch of a physically-settled bitcoin (BTC) futures contract, the company confirmed to Cointelegraph on April 16. LedgerX, which is overseen by the U.S. Commodities Future Trading Commission (CFTC), has applied for a designated contract market license that would allow it to launch the new futures product. Whereas the BTC futures contracts currently listed on CME are ultimately settled in fiat, a physically-settled version would see traders paid out in bitcoin upon contracts’ expiration. According to LedgerX co-founder Juthica Chou,…