Bitcoin Pumps After CME Close, Leading to Large Gap in Futures Trading

The frequency of futures trading on the Chicago Mercantile Exchange (CME) is usually a reliable indicator regarding Bitcoin’s price. This is why Monday’s CME gap is curious having started right before Bitcoin’s significant uptick.

Monday was an explosive day for BTC. The leading cryptocurrency rose from the $9,700 price point to around $10,400 or so. The massive green candle caught many off-guard and led to a strange gap on Bitcoin’s futures trading on CME.

CME was blamed for much of Bitcoin’s bearish trend during 2018 as speculators pushed the price downward. However, the futures exchange has been exploding in volume during 2019. Last week, Forbes reported that CME Bitcoin futures trading was averaging a whopping $370M trading per day. As CME Group managing director Tim McCourt told Forbes, “Year-to-date, bitcoin futures are averaging 7,237 contracts per day, which is a 132% increase from the same period last year.”

Related: Looking to buy and sell Bitcoin? Check out our guide on the best cryptocurrency exchanges for trading Bitcoins.

This rapid increase of CME-based futures trading for BTC is unexpected, given that the volume was anemic during 2018. Moreover, it indicates that institutional money and traditional investors are trading Bitcoin more than ever before.

As CryptOrca (@CryptOrca) writes recently, Bitcoin futures trading on CME is already off to a strong start this September.

Read More at BeinCrypto

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