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CME Managing Director Calls Bitcoin Options Market the ‘Next Chapter’

 
CME Managing Director Calls Bitcoin Options Market the ‘Next Chapter’
Breaking News / Bitcoin
  • The CME options market launched earlier this week and is already set to be a big milestone for the group but the crypto space as well.
  • Tim McCourt said that at the very start of 2020 there was a “strong participation in our CME futures.” 

The CME options market launched earlier this week and is already set to be a big milestone for the group but the crypto space as well. In comparison to Bakkt, the new market is recording more numbers on its contract and in the first 24 hours, things seemingly went smoothly for the options market. 

Writing in a blog post published by the Managing Director of CME options, Tim McCourt said that at the very start of 2020 there was a “strong participation in our CME futures.” 

He further cited that over 17,000 contracts, approx. worth more than 85,000 BTC, was traded on 8th January.

McCourt said in the blog titled, ‘New Year, New Options on CME Bitcoin Futures’:

“The number of open positions held by traders has also increased to more than 5,000 contracts since the start of the year. We’re optimistic about the new year and what opportunities it will bring for our clients, traders and industry partners, beginning with the introduction of options on CME Bitcoin futures today.”

McCourt further went onto say that the new product is the ‘next chapter’ of the Options contract market and that the company is excited to provide a bit more leeway when trading the leading cryptocurrency and hedge bitcoin on a regulated platform.

“In fact, CME Group is the only derivatives marketplace where clients can trade options across every investable asset class. And with an average daily volume of over 4 million options contracts in 2019, now is an exciting time to introduce options on CME Bitcoin futures to the market.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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