Bitcoin’s Value Soars to $24,000 Following CME’s Introduction of Event Contracts The Chicago Mercantile Exchange (CME) has made an announcement about the launch of event-driven futures contracts for Bitcoin.
In addition, the concerns surrounding US banks have dissipated, leading to a 10% surge in BTC prices. As of now, the primary cryptocurrency is trading at $24,475, having grown by 9.6% within a day.
According to trader and crypto analyst Michael van de Poppe, Bitcoin appears to have re-entered the bullish market trend and could continue to rise, unless there are any unforeseen macroeconomic variables that might cause an intervention
The event-based futures contracts on CME are settled in fiat currency and have a daily expiration date. Tim McCourt, the Head of FX and Equities Products at CME Group, has stated that the introduction of this new product will provide customers with a more cost-effective way of trading Bitcoin.
McCourt also added that their new futures contracts allow a broader range of investors to access the cryptocurrency market through a fully-regulated exchange with high transparency and low market-levels. As of now, more than 550,000 contracts have already been traded.
The crypto industry has been under pressure following the downfall of two significant banks in the United States that were involved with cryptocurrency firms. However, regulators have stated that all deposits in Signature Bank are secure and will be released soon.
Conflicting reports have surfaced regarding Silicon Valley Bank, though. Nonetheless, Circle has re-pegged the USDC stablecoin to the US dollar, which has restored traders’ confidence in the crypto industry.