Fun

Euro-denominated Bitcoin futures will bolster institutional adoption — CME director

News Feed - 2024-03-01 10:03:53

Zoltan Vardai10 hours agoEuro-denominated Bitcoin futures will bolster institutional adoption — CME directorThe CME has already doubled its average daily Bitcoin trading volume since 2023, its executive director told Cointelegraph in an exclusive interview.17700 Total views15 Total sharesListen to article 0:00InterviewOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe upcoming launch of euro-denominated Bitcoin and Ether futures products could bolster institutional cryptocurrency adoption in the eurozone, Giovanni Vicioso, the executive director of equity and alternative products at the CME Group, told Cointelegraph in an exclusive interview.“I think when you look at our current suite of United States dollar-denominated products, we have a fairly diverse appendix of participants, like traditional proprietary trading firms that are providing liquidity for those products, and I anticipate that some of those participants are also going to provide liquidity for the euro-based products as well.”


Vicioso added that CME’s upcoming euro-denominated futures products also received interest from macro hedge funds, small asset managers and long-term crypto investors.


CME is the world’s leading derivatives marketplace and encompasses four exchanges. The firm is preparing to expand its cryptocurrency derivatives products, adding euro-denominated Micro Bitcoin and Micro Ether futures products, which are set to launch on March 18.


The introduction of the euro-denominated products will essentially create a de facto foreign exchange (FX) contract, which is expected to attract more market participants, Vicioso told Cointelegraph:“You can either long the U.S. dollar contract and short the euro version or vice versa, and you could do that with the Bitcoin and Ether contract. You buy one, sell the other, and you’ve got a de facto FX contract.”


Related:MicroStrategy adds 3K BTC as Bitcoin ETFs are poised to surpass gold ETFs


Bitcoin (BTC)-based exchange-traded products (ETPs) have been generating significant interest since the first spot Bitcoin exchange-traded funds (ETFs) were approved in the U.S. on Jan. 11. Excluding the converted Grayscale Bitcoin Trust (GBTC) ETF, the nine new spot Bitcoin ETFs recorded over $2 billion in combined daily volume for the second consecutive day on Feb. 28.Bitcoin ETF Flows. Source:Farside Investors


The anticipation and regulatory approval of the U.S.-based spot Bitcoin ETFs has led to an increase in overall institutional interest in Bitcoin, according to Vicioso.“Since September, we have seen an uptick in Euro-denominated Bitcoin and Ether volumes and we also continue to hear of growing customer interest, particularly in euro-denominated cryptocurrency products.”


The CME has nearly doubled its average daily Bitcoin trading volume, from an average of $1.6 billion a day in 2023 to over $3 billion of daily trading volume in 2024, according to Vicioso.


Bitcoin fell 0.62% in the 24 hours leading up to 1:15 pm UTC to trade at $62,383. The world’s first cryptocurrency is up 22.50% on the weekly chart.


Related:US gov’t moved $922 million of seized Bitcoin after BTC price broke $60,000# Bitcoin# Cryptocurrencies# Business# Bitcoin Price# ETF# Adoption# CME# Bitcoin AdoptionAdd reactionAdd reaction

News Feed

Lido Deploys Additional Curve Pool to Improve Liquidity Around Bonded ETH Peg
Lido Deploys Additional Curve Pool to Improve Liquidity Around Bonded ETH Peg On Friday, the value locked in decentralized finance (defi) protocols dropped to a low of $110.35 bill
CFTC’s New Rules Cause Coinbase to Stop Offering Crypto Margin Trading
CFTC"s New Rules Cause Coinbase to Stop Offering Crypto Margin Trading Cryptocurrency exchange Coinbase is disabling its margin trading product in order to compl
Montenegrin authorities to release Do Kwon as he awaits extradition: Report
Turner Wright3 hours agoMontenegrin authorities to release Do Kwon as he awaits extradition: ReportProsecutors purportedly plan to confiscate the Terraform Labs co-founder’s South Korean passport, though he allegedly u
Savannah Fortis9 hours agoFriend​.tech offers login removal solutions after SIM-swap reportsFriend.tech has enabled features for users to add and remove login methods on personal accounts after SIM swaps gave hackers a
PolkaLokr Listing on AscendEX
PolkaLokr Listing on AscendEX press release PRESS RELEASE. AscendEX,formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant
Bitcoin Price Could Soon Break $100,000, Blockchain Firm Explains How
Este artículo también está disponible en español. The Bitcoin price continued its red-hot form over the past week, printing successive all-time highs in less than five da
a16z invests $100 million in EigenLayer — Report
Zoltan Vardai10 hours agoa16z invests $100 million in EigenLayer — ReportThe investment comes as crypto-related venture capital funding has started increasing following the approval of spot Bitcoin ETFs.1550 Total view
US authorities bust $73M crypto scam, make two arrests
Amaka Nwaokocha14 hours agoUS authorities bust $73M crypto scam, make two arrestsThe scammers convinced victims to transfer millions of dollars into U.S. bank accounts, which were then used to launder the illicit funds.3
Ciaran Lyons3 hours agoCybersecurity expert backs Sen. Warren’s crypto bill in Senate hearingIn a recent U.S. Senate hearing, a cybersecurity professional openly endorsed Senator Elizabeth Warren’s Digital Asset Anti
Bitcoin Golden Cross In Play – Analyst Reveals Best Course Of Action
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Skeptic Turns Bitcoin Bull: Billion Dollar Company Buys 17K BTC in 74 Hours
Bitcoin Skeptic Turns Bitcoin Bull: Billion Dollar Company Buys 17K BTC in 74 HoursNasdaq-listed company Microstrategy recently bought almost 17K bitcoins within 74 hours, costing a
‘The Big Short’ Coming For Bitcoin? Why BTC Will Clear $110,000
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu