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Bitcoin futures open with record gap on CME

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BITCOIN CME GAPS – What Are They and Do They Even Matter???

Bitcoin futures open with record gap on CME

Bitcoin futures open with record gap on CME
CONTENT

  • CME records a record gap in the price of bitcoin

  • Bitcoin volatility triggered the largest gap

  • CME intends to launch ETH futures in 2021

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Chicago Mercantile Exchange Records Record Price Gap for Bitcoin Futures Due to Pump Last Weekend

Last Sunday, December 27, the Chicago Mercantile Exchange (CME) recorded a record gap (gap in price) for bitcoin futures. The first to notice this was a user under the nickname @zndtoshi on his Twitter page..

Bitcoin futures open with record gap on CME

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Source: barchart.com

According to the chart of the price movement of bitcoin futures on the CME, on Thursday, December 24, the exchange closed trading before the Christmas weekend at $ 23 670. However, on December 27, trading in bitcoin futures opened at $ 26 650 (+ 12.5%).

According to Blockstream co-founder Adam Back, a huge gap was formed not only due to the local bullish rally in bitcoin, but also due to the fact that during the Christmas holidays CME went offline, although the bitcoin market works seven days a week and trades on other sites are still going on..

Bullish wave

Last weekend, December 26-27, the bitcoin price repeatedly updated all-time highs, approaching the $ 30,000 mark. The price peaked on December 27 at $ 28,395.Since then, bitcoin began to correct and at the time of this writing, the price of BTC / USDT is $ 26,920.

Back in February, CME Group Chief Economist Blueford Putnam said that bitcoin could well become a good tool for diversifying an investment portfolio. Despite the fact that cryptocurrency is still unpredictable due to the lack of correlation with macroeconomic factors, Putnam believes that bitcoin can be an effective tool for diversification, adding only 2% to the investment portfolio..

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Bitcoin futures open with record gap on CME

In the meantime, the largest regulated platform for trading in derivatives intends to launch futures contracts on ETH in early 2021. The exchange said that they received permission from regulators and are ready to start trading ETH futures from February next year..

CME finds trading in cryptocurrency assets extremely effective. In 2019 alone, bitcoin futures brought the exchange $ 5 billion in revenue.Since the beginning of 2020, the average daily trading volume on CME is about 42,800 bitcoins worth over $ 880 million.

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