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CME Group Launches Trading for Bitcoin Futures Event Contracts

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Today’s Cryptocurrency Headline

CME Group launched trading in bitcoin futures event contracts on Monday. It will “provide a limited-risk, highly transparent way for a wide range of investors to access the bitcoin market via a fully regulated exchange,” the company said in a statement. Such Contracts offer payouts based on specific events and are also known as prediction contracts or information contracts, meaning they expire daily, and are settled in cash. Investors use this to trade their views on bitcoin price movements. According to previous news, in February this open interest of CME Bitcoin options hit a record high, breaking through $1 billion for the first time.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to CoinShare, digital asset investment products saw outflows for the 5th consecutive week totalling US$255m, the largest single weekly outflows on record representing 1.0% of total assets under management (AuM). Bitcoin is up 11.25% over the last 24 hours and rose to an intraday high of $24409.07. The aggressive purchasing of Bitcoin has been triggered by the banking crisis in the United States. The rebound of Bitcoin on March 13th, which saw it climb above $24,000 from a local low of $19,549 on March 10th, signals a significant change in market sentiment. This recent upward momentum has opened the door for a possible retest of the strong overhead resistance level at $25,250, and if buyers are successful in breaking through this level, the BTC/USDT pair could potentially surge to $30,000.

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