eToro Analyst Believes Wall Street Could Help Boost Market

Most of you will be aware that Bitcoin had an exciting time recently. Specifically, in the last week, where the leading cryptocurrency made its way over the $5,000… finally!

The recent bull run took a lot of prices for a ride with the impact still having an impact on a lot of coins/tokens. At the time of writing, Ethereum is up by more than six percent over the past 24 hours, Stellar is seeing an increase of 2.22 percent of giving it a price $0.31.

So it seems that the bull run has a domino effect on Bitcoin futures trading and according to data released by Chicago Mercantile Exchange’s (CME), Bitcoin futures traded more than $560 million over the past week.

An analyst from eToro, Mati Greenspan pointed out that the involvement of Wall Street could have a big impact on the Bitcoin market as it stands.

Greenspan said, “even though Wall Street’s contracts are only paper, and not settled in Bitcoin, they are still a significant part of this market now.”

The recorded trade by CME’s Bitcoin futures came close to match the combined volume of the top ten exchanges which garnered around $685 million. The CME Bitcoin futures also witnessed a record trading day too when the exchange reached an all-time high of more than 20,000 contracts, which is equal to about 112 thousand Bitcoin.

This meant that even though the CME’s contracts were always settled using cash and Bitcoin didn’t necessarily change hands, the involvement of Wall Street could be seen as a vital part of the Bitcoin space.

The traded Bitcoin future contracts would be ready for trading as early as next month. According to a report released by See it Market, the markets available for trading would be the S&P 500, Nasdaq 100, Russell 2000 and the Dow.

The involvement of a major stock exchange in digital asset-derivatives like Bitcoin futures suggests the growth of crypto industry in terms of liquidity and comprehensive legitimisation of the space.

At the time of writing, Bitcoin is worth $5,224 following a 1.23 percent increase over the past 24 hours.