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It may be the season for spookiness but cryptocurrency trading could not be more upbeat. CME Group, Inc. recently announced that it would be opening bitcoin futures, which had an immense effect on the digital coin’s value. As of writing, Bitcoin’s price is hovering above $6,400, which is an all-time high figure for the cryptocurrency.
As Futurism notes, CME Group initially dismissed the idea of having a futures contract that involves Bitcoin. CME Group President Bryan Durkin told Bloomberg as much in an interview back in September. It would seem that the largest exchange entity in the world has changed its mind since now, Bitcoin futures are on the table.
In a press release, CME Group chairman and CEO Terry Duffy noted how the growing interest in cryptocurrency is what prompted them to finally give Bitcoin its due. This is an encouraging sign for cryptocurrency traders, who have often felt that more traditional traders are not taking the new platforms seriously enough.
“Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract,” Dufy said. “As the world’s largest regulated [futures exchange] marketplace, CME Group is the natural home for this new vehicle that will provide investors with transparency, price discovery and risk transfer capabilities.”
With regards to Bitcoin itself, Coindesk notes that trading has been consistent since October 29th. The current price puts Bitcoin at a 500 percent increase since the start of 2017, when trading was only at $1,000.
Other cryptocurrencies, however, are seeing much more mixed results. Bitcoin cash, for example, is seeing notable declines with trades seeing consistent downward trends.
Overall, it seems Bitcoin is doing well, but there’s no telling how long it will last. CME Group’s decision to finally give the cryptocurrency a chance might give it the boost in legitimacy that it needs to last.
