James Trescothick

With more than 20 years of experience in financial service industry, James is our Senior Global Strategist and the co-producer and presenter of easyMarkets educational videos. When he is not working on educational programs or preparing webinars, you can find him with the easyMarkets team giving seminars around the world.

What was looking like a pretty standard sideward trading day for the market, Bitcoin suddenly decided to wake everyone up as once again it skyrocketed to a new all-time high of $6348.60.

The reason for the sudden move was the announcement by the CME Group that they are planning to launch bitcoin future contracts by the end of the year.    According to CNBC news, Terry Duffy the CEO of the CME Group said that “given the increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract”.

CME Group was not the first to announce their intention of launch a bitcoin future contract, the Chicago Board Options Exchange beat them to it by releasing a statement back in August about their intention to launch their own bitcoin coin future contract by either the end of this year or in early 2018.

However, the CME Group is the world’s leading and most diverse derivatives marketplace and it comprises of four key exchanges, the CME, BOT, NYMEX and Comex.

As well as that this announcement by the CME today, indicates that the real players in the market are beginning to take bitcoin seriously and there could be more that follow and start to embrace it. If that was to happen many analysts believe that higher highs for the alt-coin could keep on coming.

At the time of writing, bitcoin is currently trading at $6395.90.

 

Source: https://www.cnbc.com/2017/10/31/cme-plans-to-launch-bitcoin-futures-by-year-end.html

 

 

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