CME Bitcoin Futures Broke $10,000 Due To A Large Interest From Crypto Investors
- Bitcoin futures reach a new all-time this year high at the CME surpassing $10,000
- The spot price of Bitcoin is also getting closer to $10,000
- Bitcoin futures on the Chicago Mercantile Exchange (CME) have reached new highs this year after breaking above $10,000 for a short period of time a few hours ago. This is according to data provided by the trading analytics platform TradingView.
Bitcoin Futures Reach $10,000
As the crypto spot market continues to grow, Bitcoin futures reached a new record high this year after being traded around $10,050. This is the first time that Bitcoin futures reach this price level since March 2018. At that time, Bitcoin was traded around $11,000 per coin.
At the same time, the CME bitcoin futures total open interest (OI) has also reached $273 million after the all-time high of 5,311 contracts that were valued at $256 million this week. The CME explained that there is a growing interest from larger investors, including institutions.
These futures contracts allow users and investors to agree on a transaction of Bitcoin on a specific future date and at a specific price. At the same time, the CME Group became the second global exchange that listed Bitcoin futures after the Chicago Board Options Exchange (CBOE), which is now not offering BC future anymore.
The Bitcoin futures contracts offered by the CME are currently cash settled, which means that investors are not dealing with the Bitcoin itself but they process all the transactions in US dollars.
Meanwhile, the spot price of Bitcoin is also getting closer to $10,000 as we write this article. According to CoinMarketCap, Bitcoin is being traded around $9,900 and it has a market capitalization of $176 billion. In the last 24 hours, Bitcoin surged almost 5%.
The Intercontinental Exchange (ICE) is working in order to offer physical Bitcoin futures contracts through its company called Bakkt. Nonetheless, there is no specific date for launching this platform.