During the bullish rally on Tuesday, the company’s wall street made trade bitcoin futures at $572 million
On Tuesday a leading cryptocurrency for the first time since mid-may managed to briefly cross the threshold of $8500 (on the stock exchange Bitfinex). Although the bitcoin price has managed to fall back to a few hundred dollars from this two-month high, its monthly growth was 29%.
As the senior analyst at eToro’s Mati Greenspan (Mati Greenspan), this rally was initiated on the spot markets, the usual activists-traders out of Japan and South Korea, which provided a surge of volume, which in turn helped the bitcoin price to break the key levels.
“In terms of exchanges it is obvious that the rally supports East Asia. […] A surge was observed in relation to the U.S. dollar, but it was much more aimed. That is, the Americans actively participated in the auction, mostly during the extreme parts of the wave,” — said Greenspan.
However, according to Greenspan, the trade data exchanges CME and CBOE (the only regulated U.S. exchanges that offer futures trading for bitcoin) show that companies on wall street are not going to ignore the rally and want to participate in it.
On Tuesday, the trading volume on the CME reached 12 878 contracts on all validity dates, equivalent to 64 390 BTC (each contract is for 5 BTC). Traders exchanged CBOE 7138 contracts, each of which is equivalent to 1 BTC, bringing the total volume of futures on bitcoins in the US was 71 528 BTC. At $8,000 per coin (the average price at the opening of trading on Tuesday and the estimated price of the August futures market CME) daily volume is $572,2 million
However, this amount remains small compared to the global cryptocurrency market. According to CoinMarketCap, on Tuesday on the world spot market of bitcoins has been fixed the amount of more than $7.7 billion.
In addition, the Hong Kong cryptocurrency margin trading platform BitMEX on Tuesday registered a record one million XBT contracts traded within a 24-hour period, more than $8 billion, the Vast majority of them (more than $7 billion) was concentrated in the markets XBT/USD.
Recall that in a recent installment, Fast Money CNBC popular cryptotriton and CEO of the investment company BKCM LLC Brian Kelly talked about the reasons behind the rally of bitcoin.
comments powered by HyperComments