The price of bitcoin (BTC) has risen once again after a successful launch of CME’s bitcoin options surpassed rival Bakkt on its BTC futures contracts in the first day of trade volume.
On Jan. 14 at around 00:30 UTC, the price of the world’s largest cryptocurrency by market value rose above an area of resistance that had stifled previous rallies near $8,200 for over a week beginning Jan. 7.
As of press time, BTC is changing hands at $8,413 after reaching its highest point in nearly two months at around $8,446, CoinDesk BPI data shows.
This comes several hours after the successful launch of Chicago-based derivatives exchange CME’s futures contracts for BTC, which surpassed rival Bakkt in reported volume within its first day of trading.
Caroline M. Vasquez, spokesperson for DWR, the parent company of crypto trading giant Cumberland said institutional investors are seeking traditional risk management tools to support greater entry into crypto.
“As with any new financial product, we expect volume will grow organically as investors get more comfortable trading it,” Vasquez said.
An option on a futures contract gives a holder the right, but not the obligation, to buy or sell a…
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Author: Sebastian Sinclair