Bitcoin’s birth was a symbol of counterculture and had been regarded as the rebel currency having near anonymity and a lack of regulation. After a decade, there are signs that Bitcoin is growing and entering the establishment its creators sought to destabilize. The Cryptocurrency has surged in bigger value investors from the trading firms to hedge funds having increasingly turned to the exchanges regulated in the traditional financial centres. They are purchasing Bitcoin futures in order to gain exposure to the asset while avoiding the hacks that plagues the Cryptocurrency industry.
The Cryptocurrency market has been associated by many with the dark web money laundering and the Wild West is beginning to be discussed by financiers in the same breath as hedging instruments, compliance and derivatives. The investors have ploughed the record levels of money into the Bitcoin futures at regulated exchanges in Britain and the United States the previous month where they were craving for a piece of the action but instead was seeking the kind of protection made to satisfy their compliance officers.
Between the period of March and May, Bitcoin has more than doubled in price as the ascent bombarded by double digit price swings comparable with its 2017 bubble that was driven by smaller retail investors. During that period, the Chicago based CME Group Inc’s average daily volumes of the Bitcoin futures contracts had steeped over seven-fold to a record of $508 million in May. Along with that, the number of open interest contracts of which have not been settled yet also hit a record. A London registered platform, Crypto Facilities bought this year for over $100 million by one of the leading Cryptocurrency exchange Kraken said that the Bitcoin futures daily trading volumes have jumped over three fold from March to May attaining a record of $84 million.
As the mainstream market is growing, the owner of the New York Stock Exchange, Intercontinental Exchange Inc. (ICE) has plans to offer Bitcoin futures in the coming months via a new Cryptocurrency trading platform, Bakkt.
Disclaimer: Darkweblink.com does not promote or endorse claims that have been made by any parties in this article. The information provided here is for the general purpose only and unintended to promote or support purchasing and/or selling of any products and services or serve as a recommendation in the involvement of doing so. Neither Darkweblink.com nor any member is responsible directly or indirectly for any loss or damage caused or alleged to be caused by or in relation with the reliance on or usage of any content, goods or services mentioned in this article.