Bitcoin began trading on the Chicago Mercantile Exchange (CME) futures market on Monday, the world’s most important financial derivative, drawing less attention than its recent debut on a smaller platform.
Bitcoins futures contracts have been available at CME since last night, taking advantage of the opening of Asian markets.
The premiere at CME follows the start of Crypto-Quotes on CBOE’s future market, also in Chicago, on Monday. A week ago, the launch of the contracts made bitcoin overtake the $ 20,000 barrier, the euphoria that is more contained today.
An hour after the start of operations at CME, bitcoin contracts for January had fallen 6% to $ 26,650 each. Now, the retreat is already 8%, to $ 18,990.
WEC is offering futures contracts with a one, two, three and six-month term. However, in the first session, those due in January far exceeded the later deadlines.
Near the middle of the session, CME had traded 873 bitcoins contracts, averaging $ 18,825. This represents a turnover of US $ 83 million, a low value for the US market.
The amount is much lower than the one recorded at the CTOE’s Cryptotone debut, despite being a much smaller platform than the competitor in Chicago.
“There are more people involved in the CME launch than there was in the CBOE,” said Cumberland Chief Operating Officer Bobby Cho.
But if last week, bitcoin’s entry into the CBOE drew more attention from investors, the premiere at CME, more importantly, generated far less interest from the operators.
Among other reasons, the market is focused on Wall Street advances today, where Dow Jones Industrial, the leading indicator of the stock market, has already gained 200 points. In addition, analysts had anticipated that the entry of bitcoin into the US futures market would reduce cryptomedean volatility by stabilizing prices.
According to Coinbase, the virtual currency was worth less than $ 1,000 in the same period last year. The appreciation in the last 12 months was around 2,280%.
The fact that bitcoin is a criptomoeda without the control of a central bank, without regulation of any kind and used by people who want to launder money, makes the market believe that this speculative bubble will burst sooner or later.