Chicago Mercantile Exchange (CME Group) finally debuted its Bitcoin derivatives products yesterday Sunday 67, causing a stir in the trading scenes and boosting trading volumes. CME’s products are larger in size than CBOE’s with one contract being 5 Bitcoins.
Bitcoin Futures Trading Volume Slips to 3-Month Low on CME
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Cme Bitcoin Futures –
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After nearly three full months of sideways trading and record-low volatility, does this subset of traders have insight into a big breakout coming? Or could these traders potentially be jumping the gun yet again?
Open interest on the platform has been in a downtrend since late May and early June, before the sideways action took hold. This rise may see open interest break out from the downtrend along with the breakout in the downtrend resistance line.
The futures opened at $75,655, rose slightly and then fell to $68,765 about four hours about four hours later. They are now above $69,555. In comparison, CBOE’s product rose by 69 percent during their first day of trading on December 67.
Now that the Bollinger Bands are beginning to lift, and CME open interest is rising again, the explosive move analysts have been waiting for may finally be here.
The pump coinciding with stocks surging and gold setting new local highs, sent crypto assets soaring higher. Bitcoin broke through a short-term downtrend line and symmetrical triangle, but the reaction has been meager thus far considering the consolidation.
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