Bitcoin Futures Daily Volume is up by 92 Percent
Chicago Mercantile Exchange has just announced the daily volume report for its Bitcoin futures, displaying a whopping 93 percent increase through Q2. CME launched its own Bitcoin futures last year prior to Bitcoin’s all-time peak of $20k.
Tom Lee of Fundstrat, as well as many researchers, analysts, and individuals involved in the cryptocurrency scene, believe that a massive effect on Bitcoin’s price will happen as a result of Cboe’s expiring futures. Regulating Bitcoin futures, the CFTC is currently investigating the possible effect on manipulation within the market on all digital coins and their prices and to determine a probable connection between futures and Bitcoin price.
Last week, the CFTC released its fourth warning to the public regarding cryptocurrencies and stressing on the importance of extreme protective measures and constant thorough checks by any involved individual.
Bitcoin futures volume spike displays solid attention from investors of large-scale institutes looking to be involved in Bitcoin without possessing the coin. Since futures contain no Bitcoin trades, participants have no need to possess crypto-wallets or private addresses, taking away a lot of the complicated procedures needed for an account. Through this method, more investors are interested since a way of theorizing about the cryptocurrency market with minimal risk of Bitcoin possession.
Following recent news reports, many grand-scale institutes and investors like BlackRock, Goldman Sachs and Nasdaq are turning to cryptocurrencies and looking into them as a means of further advancing cryptocurrency businesses which hints at a possible massive monetary move on Wall Street.