Just read Don't Blame Bitcoin Futures for Bear Market, CME Exec Says

Don't Blame Bitcoin Futures for Bear Market, CME Exec Says

Talking during a panel on crypto derivatives trading at CoinDesk's Consensus Singapore 2018 event, McCourt told the audience that he does not think the introduction of bitcoin futures products resulted in the recent market downturn. On the contrary, McCourt said bitcoin futures market has been growing, especially with volumes coming from Asia markets, which has been "fascinating." Explaining that trading activities in the hours before the U.S. market opens have a strong influence on the price of bitcoin futures on CME, he said:"Out of the 40 percent of bitcoin futures trading on CME that's outside the U.S., 21 percent are coming from Asia." McCourt went on to say that CME rolled out its bitcoin futures products "in response to demand from market participants who want to trade crypto derivatives on a regulated exchange." Still, he believes that, with regulators giving clearer rules on various aspects on cryptocurrency trading, institutional crypto trading is on the way.

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Wednesday, September 19, 2018