BTC Price Surge Drags Futures Market, CME’s Trade Volume Hits Record High

US-based derivative platform CME Group has announced that Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term futures contract trading volumes of its Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term have reached a record high given the recent rush in the cryptocurrency market.

As revealed by CME Group on Twitter, the exchange recorded trading volumes of over 22,500 contracts on April 4, which is equivalent to 112,700 Bitcoins. The notional value of the traded contracts is $546 million.

CME Bitcoin futures had a record trading day on April 4, hitting an all-time high volume of over 22.5K contracts (112.7K equivalent bitcoin), surpassing previous record of over 18.3K (64.3K equivalent bitcoin) on February 19. More #Bitcoin futures. $BTC_F https://t.co/kWYK203apA pic.twitter.com/CX5nF8dXyv

— CMEGroup (@CMEGroup) April 5, 2019

Previously, the record was set at over 18,300 contracts per day, equalling around 64,300 BTC, which was achieved on February 19.

According to Bloomberg, the majority of futures trading was done in Asian trading hours - 12,634 contracts being the exact figure.

Since April 1, Bitcoin has maintained a bull run in the market by surging more than 26 percent. After dipping below $3,200 last December, one Bitcoin is now trading at around $5,200, according to Coinmarketcap.com.

CME Group was the second in line to introduce Bitcoin futures on December 17, 2017, only a week after the introduction of a similar instrument by its market rival, the Chicago Board Options Exchange (CBOE). Since then, the company has dominated the market and dwarfed the volume of CBOE’s BTC futures.

A Slowdown in the Market

Earlier this year, Finance Magnates reported that Bitcoin futures volumes were declining drastically and in last December, the combined market saw the lowest volume since its launch a year ago.

This also forced the CBOE to rethink its business, as last month, the exchange suspended the addition of new BTC futures instruments in the market.

Despite the slowdown, the market is booming again, and many major players are trying to jump into the market. Coinflex, earlier this year, launched a physically delivered cryptocurrency exchange for its clients based in Asian markets.

Intercontinental Exchange’s plan to launch BTC futures, however, was recently scrapped by the Commodity Futures Trading Commission (CFTC). Though the reason was not publicized, media reports claim that the US regulator is demanding more public disclosure for the platform’s custodial plans.