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Report: Bitcoin (BTC) Futures Trading Approaching All-Time High in May

Bitcoin BTC Futures Trading CME 2019

According to a new report published by The Block, the month of May is on pace to set a new all-time high in Bitcoin futures trading for the CME Group.

In a note sent to clients on May 21, the Chicago-based firm and backer to one of the largest Bitcoin futures trading exchanges, claims that May is “shaping up to be the strongest month ever for CME Bitcoin Futures.” The firm also reports a record day of trading on May 13, with 33,677 contracts being traded for the equivalent of $1.3 billion in BTC. Daily volume for Bitcoin future trading has also spiked during the month of May to 14000, up from 9900 in April.

CME Group continued,

“Since launch in December 2017 we have traded over 1.6MM contracts (+8MM equivalent bitcoin) representing over $50BN in notional value ($4.2BN per month).”

Beyond daily volume for futures trading, new account creation is also on the rise for the group. CME reports that the number of accounts for Bitcoin futures trading has climbed to an all-time high 2500, which the group interprets as a booming desire for traders to hedge on the risk of BTC,

“The number of unique accounts continues to grow showing that the marketplace is increasingly using BTC futures to hedge bitcoin risk and/or access exposure.”

Despite the seemingly bullish market for Bitcoin and cryptocurrency, with the price of BTC up close to 100 percent since the start of April, traders remain divided over the future valuation for the coin. BTC Futures, such as those offered by the CME Group’s exchange, have become a popular alternative for traders looking to speculate on the market movement for Bitcoin. Futures contracts have long been one of the more dominant products for the traditional financial markets.

Users can open long or short positions on BTC futures, depending upon where they see the price of the currency moving. With Bitcoin hovering near the $8000 mark for its second day in a row, both the bears and bulls are holding their breath over the next price movement for BTC. Some analysts are now calling for the currency to fall back to $6K before making another run at the all-time high. Considering the massive gains and bullish rally Bitcoin went on since the start of April, after more than 12 months of declining price and ‘crypto winter,’ some investors are anticipating a correction.

However, others see Bitcoin entering a perfect storm of market conditions for renewed investment. Given the economic uncertainty being generated over deteriorating negotiations between President Trump and President Xi, a looming U.S.-China trade war has bullish indicators for the price of cryptocurrency.

In addition, the mounting adoption of cryptocurrency by major industry players such social media giant Facebook and investment bank JP Morgan Chase have given a vote of confidence for BTC that was not present during 2017’s bull run. While FOMO will continue to drive the price of crypto, in both directions, the growing futures market provides another avenue for would-be speculators.

The post Report: Bitcoin (BTC) Futures Trading Approaching All-Time High in May appeared first on Ethereum World News.

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Is August 10th D-Day for the Bitcoin ETFs Filed by the CBOE at the SEC?

In an online article only 2 days ago, it was mentioned that August 10th is when the SEC will decide on the fate of the filing of Bitcoin ETFs done by the CBOE exchange. The article was quoted as saying:

Bitcoin ETF fate is finally going to be decided on August 10. Currently, SEC is asking for comments on the listing and trading of Bitcoin ETF introduced by VanEck SolidX Bitcoin Trust that will be catering to only accredited investors.

However, this date has been disputed as being the proverbial D-Day for the decision on the Bitcoin ETFs by the American SEC. The date of August 10th was apparently calculated using an SEC statement that says that a decision will be reached on each filing no less than 45 days from the date of publication in the Federal Register.

Wording from the notice indicates that:

Within 45 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding.(ii) as to which the Exchange consents, the Commission will: (a) By order approve or disapprove such proposed rule change, or (b) institute proceedings to determine whether the proposed rule change should be disapproved.

The notice was dated June 26th but published on July 2nd. The August 10th date was reached by adding 45 days to the June 26th date. Therefore, there is high chance that we might have to wait a bit longer than August 10th given the statement highlighted above from the published notice.

So what can we do till then?

Continue sending comments to the SEC as earlier mentioned in the following ways:

Please note that the file number for the BTC ETFs on the SEC website is SR-CboeBZX-2018-040.

  • Online form
  • Comments can be submitted via this link
  • Look for SR-CboeBZX-2018-040
  • There should be a Submit comments section
  • Email
  • Send comments to [email protected].
  • The subject line of your message must include the File Number for the rule. This is the number that begins “S7-” or “SR-”.
  • If you attach a document, indicate the format or software used (e.g., PDF, Word Perfect, MS Word, ASCII text, etc.) to create the attachment. Please note that the SEC now accepts comment letters in PDF format. DO NOT submit attachments as HTML, GIF, TIFF, PIF, ZIP, or EXE
  • Using the traditional ‘Snail Mail’

    Send 3 copies of your paper comment letter to:

    Brent Fields, Secretary
    Securities and Exchange Commission
    100 F Street, NE
    Washington, DC 20549-0609

    Each copy must list the “File Number” for the rule. This is the number that begins “S7-” or “SR-”.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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