The hottest subject of the moment in the crypto world is that the price of Bitcoin is rallying again after so much time that the token had low prices. This Tuesday, Bitcoin approached $8,500 USD for the first time since mid-May, which attracted the attention of many bull investors… in Wall Street.
That’s right, Wall Street investors entered strongly in this latest Bitcoin bull run. After the token has risen 29 percent during the course of the month, it looks like market is starting to believe in it again.
South Korea and Japan Leading The Latest Rally
Mati Greenspan, a senior market analyst at eToro, has stated that South Korea and Japan were at the head of the rally, something that is not necessarily unusual. They helped in the volume surge that was necessary for the price.
Americans were not the biggest Bitcoin traders, as the market was led by East Asia, but according to Greenspan, the USD had a spike and the Americans did participate, especially when you consider data based in Chicago like derivative exchanges like CME and CBOE, which are the only two regulated US firms that can list Bitcoin futures on their exchanges.
Bitcoin futures hit record volume of 12,878 contracts on Tuesday, equivalent to 64,390 bitcoins with a notional value of $530M. Learn more about #Bitcoin futures. https://t.co/AIsPztBU6V pic.twitter.com/7RIRL2qZ3A
— CMEGroup (@CMEGroup) July 25, 2018
Wall Street Wants a Piece of The Action
The volume of trading on CME reached 12,878 contracts on Tuesday in what is worth 65,390 BTC, as each contract represents a total of 5 BTC. CBOE had fewer contracts, 7,138 of them and each equivalent to only 1 BTC. The total volume of BTC was, then, 71,528 BTC via future contracts. This means a volume of $572.2 million USD in a single day.
While the volume is not so big for global standards it is a very significant one, especially because it involves Wall Street, which was away from Bitcoin last year when the market boomed. The global volume of Bitcoin during the day, according to CoinMarketCap, was $7.7 billion USD.
As Wall Street begins to move strategically towards Bitcoin, the sentiment on the market is that a lot of institutional money is going to come in.