American financial exchange, Chicago Mercantile Exchange (CME) Group recently tweeted out that the average daily volume of bitcoin futures has grown an immense 93 percent in the second quarter of 2018.
The team further informed Twitter users and investors that open interest in bitcoin has also gone up by 58%, which represents an increase of over 2,400 contracts. An analytical chart provided by the CME shows both the number of contracts and equivalent Bitcoins for the first and second quarter, clearly depicting a distinction.
Bitcoin futures average daily volume in Q2 grew 93% over previous quarter, while open interest surpassed 2,400 contracts, a 58% increase. Learn more about trading #Bitcoin futures: https://t.co/adjWVWXBPQ pic.twitter.com/UQWC3nGGrI
— CMEGroup (@CMEGroup) July 20, 2018
The CME Group supposedly launched Bitcoin futures back on December 17, 2018 and many consumers, primarily the Federal Reserve Bank of San Francisco released a letter blaming the existence of bitcoin futures for sabotaging the coin’s all time high of USD$20,000.
In particular, a statement read,
“The rapid run-up and subsequent fall in the price does not appear to be a coincidence.”
With this being said, Wall Street’s famous, global investment management, BlackRock, recently announced that it has plans to reconsider the possibilities of including cryptocurrencies into its investment options, given that its potential in bringing profits is evident. This is definitely interesting, as the successful firm once held an opposing viewpoint on cryptocurrencies and blockchain technology.
Could this mean that the negativity associated with Bitcoin futures will eventually disappear?