Quick Thoughts on Chicago Mercantile Exchange’s (CME) Announcement Regarding Bitcoin Futures
by: Tam Ging Wien
On Tuesday (31-Oct), the Chicago Mercantile Exchange (CME) – the world’s largest futures exchange – announced that it plans to launch Bitcoin futures buy the end of the year. The proposal is subjected to regulatory approval.
In a statement made by Terry Duffy, CME Group chairman and CEO, “Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a Bitcoin futures contract”. He later added in an interview with CNBC that, “We’ve been working with the regulator. They understand our application. And they understand our model very, very well”.
After the announcement, Bitcoin price surged just past $6,400 and now trading in the range of $6,400 to $6,500. The total market capitaliastion of Bitcoin currently stands at US$107mil as of time of writing with a 58.8% dominance in the total cryptocurrency