CME Sees Bitcoin Futures Reaching New Highs, Analyst Affirms BTC Operates on Buzz

The price surge in the Bitcoin market has boosted the Bitcoin futures market as well, at least what Bloomberg recently reported. Last week, CME Bitcoin futures reached a record of 22,542 contracts. As each contract is worth 5 BTC, this is the equivalent of 112,710 BTC (around $546 million USD). Asian markets traded more than half of this volume.

This new surge happened after Bitcoin had two stable months and then went 30% up in only a few days, reaching almost $5,300 USD.

CBOE and CME started Bitcoin futures back in 2017, but none of them was so successful as they wanted with the contracts since the companies were affected by the 2018 market crash. Now, however, as it seems that the bear market may be over, we are seeing new signs that futures can become more popular.

Bitcoin Operates on Buzz, Analyst Affirms

Why is Bitcoin having such a great time right now? An analyst called Joseph Young decided to give his opinion on this matter. According to him, part of the reason is because Asia is getting more and more interested in Bitcoin.

Other analysts, Jeff Kilburg and Jim Iourio, have been interviewed by CNBC this week and they have also talked about their prospects for Bitcoin.

Kilburg believes that Bitcoin sustained the jump and that we will see prices rising in the future. He said that could buy it at $5150 USD and they would have space to sell it for $5650 later since he believes that the token is capable of reaching this price.

Iuorio, on the other hand, affirmed that Bitcoin operates on buzz. According to him, this is why the prices have gone up recently. Once the prices went above $4,000 USD, “something palpable happened”, he said. He believes that the price can go as high as $6,000 USD, but do not believe that it will surpass that anytime soon, though.

All investors seemed to be fairly certain that the price of Bitcoin would continue to be around the $5,000 USD range and could go up soon, but they have also understood that the hype and the so-called buzz behind Bitcoin was important.

In fact, there is some correlation between the market sentiment and how well BTC is faring. The whole market is much more complicated than only hype, though, but it is an expectation that should be considered.

Live Bitcoin (BTC) Price:

1 BTC/USD =$10,735.2044 change ~ 0.77%

Coin Market Cap

$198.5 Billion

24 Hour Volume

$82.06 Billion

24 Hour VWAP

$10.71 K

24 Hour Change


Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Ethereum ‘Getting Ready for Spadina' Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per...

KuCoin Hack: Exchange’s Insurance Fund to Cover User Loss “Completely,” Tether Freezes 33M USDT

The Singapore-based cryptocurrency exchange KuCoin released a statement regarding detecting large withdrawals on September 26, 2020, at 03:05:37 (UTC+8). The exchange has reportedly lost $150...

Crypto Custodian, Anchorage, Adds Support for DeFi Tokens: BAL, NXM, AAVE, UNI, and YFI

Anchorage, the Delaware corporation headquartered in San Francisco, California, and digital asset custodian for institutional investors is diversifying its DeFi token options for its...

Coinbase Wallet Targeted by New Trojan Malware Dubbed ‘Alien’

The Coinbase wallet is among 226 Android applications targeted by a recently discovered Trojan dubbed ‘Alien.’ This malware mostly targets the financial services space...

Barstool Sports Dave Portnoy Sold $1.25M Worth of his Bitcoin Stash But He Will Be Back

After buying the top and selling the bottom, Barstool Sports Dave Portnoy appeared on Anthony Pompliano’s podcast on “The Pomp Podcast” to discuss bitcoin...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today