Trading of Bitcoin futures offered by Chicago-based CME Group is temporarily suspended due to high volatility. Bitcoin markets are open 24/7 while CME’s futures markets are closed during weekends. This often results in huge gaps. In fact, the latest gap could have been much bigger if Bitcoin managed to hold onto its recent gains. The CME Bitcoin futures platform had one of its biggest gaps till yet of over $3000. CME Bitcoin Futures Trading Temporarily Halted CME had launched its bitcoin futures during the wild rallies of BTC in December 2017, just a day before the cryptocurrency reached the apex of its previous bull run. In less than three years of its launch, CME became extremely popular. The exchange is the only regulated platform to offer cash-settled bitcoin futures in the United States. Hence, the platform is often an attractive destination for institutional interest in the market among other crypto futures exchanges. Bitcoin futures allow investors to gain exposure to Bitcoin without having to hold the underlying digital asset. Similar to a futures contract for a commodity or stock index, Bitcoin futures allow investors to speculate on the future price of Bitcoin. The Chicago Mercantile Exchange (CME) offers monthly contracts for a cash settlement. This indicates an investor can take cash instead of physical delivery of Bitcoin upon settlement of the contract. CME Is the World’s Largest Bitcoin Futures Market The Chicago Board Options Exchange (CBOE) offered the first Bitcoin contract on December 10, 2017, it later discontinued offering new contracts in March 2019. It then moved on from opening its Bitcoin futures platform on December 18, 2017. In addition to futures, the platform now offers options on Bitcoin futures. Last month, CME Group’s cash-settled bitcoin futures hit an all-time high open interest of $1 billion. The milestone came upon as the bitcoin price surged around $18,000 levels. The world’s largest Bitcoin futures platform boasts an annual revenue of $4.9 billion.
The post CME Bitcoin Futures Trading Temporarily Halted Due to Massive Volatility appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
