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CME Group Bitcoin Futures set new Trading Volume Record


Leading United States derivative market CME Group has recently unveiled its findings that its Bitcoin (BTC) futures reported a record trading volume on April 4. 

The news was announced via a tweet. The volume of its Bitcoin futures hit over 22,500 contracts on April 4, which is equivalent to about 112,700 BTC. The previous record was established on February 19 and was reportedly over 18,300 contracts,  equivalent to 64,300 BTC.

In March, a Commodity Futures Trading Commission commissioner revealed that the U.S. regulator is working earnestly to approve multiple crypto-related applications. The list includes Bitcoin futures from institutional trading platform Bakkt.

Last month, news broke that United Kingdom-based crypto exchange and futures provider Crypto Facilities saw its trading volumes grow by over 500% after being acquired by crypto exchange Kraken.

Bitcoin, as a currency. has been embraced by a particular stratum of society for quite some time now despite the inherent skepticism that follows with it being a “cryptocurrency”. This has been further bolstered by the Chicago Mercantile Exchange (CME). 

The extreme fluctuations in the bitcoin futures market have always been inflicted by many speculations and cynicism. In mid-2018, CME was mired in controversy when a report published by Wall Street Journal alleged that a dispute between the Chicago Mercantile Exchange (CME) and four cryptocurrencies exchanges compelled the Commodities Futures Trading Commission (CFTC) to probe crypto markets for suspected manipulation.

Earlier, this year, Fundstrat Global Advisors co-founder Thomas Lee went into a diatribe against Bitcoin futures, suggesting that bitcoin futures contracts are likely to be linked to the cryptocurrency’s “gut-wrenching” decline.

However, Tim McCourt, CME’s managing director and global head of equity products and alternative investments, articulated that bitcoin futures market is not to be blamed for the downslide in the crypto-markets.

He further appealed, saying “we are just a small part of the market”.