Bitcoin Primed for Fresh Record Highs on CME Futures Statement
- Bitcoin to push ever higher on CME news.
- Crypto-currency market capitalization exceeds $181 billion.
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Bitcoin (BTC): New Highs on the Horizon
The crypto-currency heavyweight pressed higher Tuesday after the CME Group said that it would offer Bitcoin futures in the fourth-quarter of 2017, subject to regulatory approval. According to a statement from the company, the new contract will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the $ price of Bitcoin.
"Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract," said Terry Duffy, CME Group Chairman and Chief Executive Officer. "As the world's largest regulated FX marketplace, CME Group is the natural home for this new vehicle that will provide investors with transparency, price discovery and risk transfer capabilities."
This announcement follows a similar offering from the CBOE in August who said that they would offer BTC futures in early 2018.
We will be discussing the impact of this announcement at our Weekly Bitcoin webinar on Wednesday at 12:00pm - if you would like to join us, please click here. We will also be looking at how disciplined trading can negate the ‘Fear of Missing Out’.
Chart: Bitcoin (BTC) Daily Timeframe (June – October 31, 2017)
Crypto-Currency Market Capitalization Soars
The total value of the crypto market continues to push ever higher, exceeding $181 billion as BTC prices soared. BTC accounts for around 58% of the total market. At the start of 2017, the total value of the market was around $18 billion.
Market Moves/Top 8 Capitalizations – October 31, 2017
--- Written by Nick Cawley, Analyst.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.