By Solomon Odunayo
There is a growing institutional interest in Bitcoin-related contracts. A closer look into the market indicates a possible launch of CME Group Inc options on 13th January 2020. This was hinted by JPMorgan Chase &Co and reported by Bloomberg.
It was reported last month that Bakkt and its New York Stock Exchange parent, Intercontinental Exchange Inc., started offering options. However, the expected volume and interest have not lived up to expectations.
According to the report, CME is dominating in trading Bitcoin Futures on regulated exchanges, which could serve as the game-changer in the long run.
As written by Nikolaos Panigirtzoglou, the Managing Director at JP Morgan, on 10th January, the activities regarding CME futures contract has drastically increased with relatively 69% open-interest from the end of the financial year. This is an indication of the increase in activities.
Panigirtzoglou also said, “This unusually strong activity over the past few days likely reflects the high anticipation among market participants of the option contract.”
Going by the report, the issuance of Bitcoin contracts has been unstable in terms of performance considering the past record. There is an instance to the above point.
Bitcoin in the Market
The market is becoming favorable for the largest cryptocurrency by market capitalization, Bitcoin after hours of price downtrend to $7,600 level. BTC has peaked conveniently above $8,000 with an indication of further price growth.
The sovereignty of Bitcoin over other cryptocurrencies seems to be favoring the top Altcoins at the moment. At the time of writing, BTC is trading at $8,097.58 with 3,36% price upsurge based on 24 hours estimation.
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Good job. Keep it going.