The world of the crypto market gets constant shocks with Surge of Bitcoin. As per recent reports, bitcoin surges from the base amount of $4000 to over $5000. It also led to high pricing of various other crypto firms. They reportedly, clocked in gains of over 50% in their pricing. There are some firms which had double the gain from their monthly lows.
The surge of bitcoin is such impactful that it rejuvenated the interest in Bitcoin’s future. The impact will also benefit the whole world of crypto. The trading volumes of the CME group’s contract with Bitcoin also skyrocketed within a few days of April. As per analysts, this impact is so strong that it will pave a new path towards success in the crypto world.
As per reports, CME Bitcoin Futures soars high on April 4th. This high pricing is its highest one with a total number of contracts counting 22,542. It is equivalent to 112,710 BTC. It trades with a total amount of record-breaking $546 million.
Bubble in CME’s Bitcoin Futures gives tough competitions to its rivals
With the huge trading volume of CME, interest simultaneously grows in cryptocurrency futures. It sets high competitions for its rival firms like Cboe Global Markets. The latter sparked the movement of Bitcoin futures. It made a statement recently by explaining the digital asset. According to the firm, it is clear that the firm will not list any added contract options. It also says that the firm will assess its approach. It will do so by planning to continue offering digital asset derivatives to trade.
With this announcement of last month, many crypto industries believe the market is drying up. However, with the recent bubble of trading volume of CME, it again gained interest. The Bitcoin future contracts point that the interest for future contracts is the strongest than ever.
Asia- a catalyst in the latest CME Bitcoin Futures Bubble
The unexpected influx of trading volume on April 4th has roots from Asia, as per reports. The contracts counted to 12,634 from Asia, which is more than half as compared to total contracts.
On the other hand, a popular figure in the cryptocurrency industry has something to say on the buzz. Joseph Young is one of the popular figures in the crypto world. He reveals about the surge in CME futures trading volume. According to him, the surge has its roots in Asia. He also added that the interest of cryptocurrency in Asia is increasing rapidly as Over-The-Coin or OTC purchase of Bitcoin surges. He also says that interest also increases in crypto-unfriendly country China.
Young goes to explain that CME’s bitcoin futures records to $546 million on April 4th. According to him, most of it comes from Asia. China also saw a string of OTC bitcoin buys, as per Young. He reveals that the interest in the crypto market in Asia rises considerably. Young revealed all these facts in his recent tweet. Young refers to the claims from a Chinese crypto news outlet. He also says that Chinese citizens turned optimistic towards OTC trading.