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CME Group and Glassnode unveil a detailed report on digital asset market trends for H1 2024, providing key insights for institutional investors. (Read More)
Chicago Mercantile Exchange (CME), known for operating one of the largest US-based futures exchanges, is planning to offer spot Bitcoin trading to its clients, according to a report by the Financial Times.
CME Expansion in Crypto Markets
Although not officially confirmed or commented on by the exchange, the plans to offer Bitcoin trading came when demand for the cryptocurrency among Wall Street money managers was surging. If launched, it would not be CMEs first foray into cryptocurrencies. The Chicago-based exchange is already operating a cryptocurrency futures exchange, which offers standard and micro futures contracts of Bitcoin and Ether. CME even ranks at the top of Bitcoin futures exchanges in terms of open interest, surpassing Binance, which otherwise dominates the spot market.
Although the report outlines that CMEs plan to launch Bitcoin trading is not yet finalised, it would allow investors to place so-called basis trades more easily, a common strategy among professional Bitcoin traders. Basis trades involve borrowing money to sell futures and simultaneously purchasing the underlying asset, opening the opportunity to profit from the small price gap between the two.
Mainstream Players in Crypto
Giants like Deutsche Börse also entered the cryptocurrency market this year. CMEs rival, CBOE Global Markets, is already offering crypto spot trading, which it will soon discontinue due to the country's lack of regulations.
Indeed, while Europe is gearing up for crypto regulations with the incoming Markets in Crypto-Assets Regulation (MiCA), the US is lagging behind. While US regulators unanimously agreed to consider Bitcoin a commodity, the status of other crypto assets remains unclear. Recently, the company behind the popular wallet platform MetaMask sued the Securities and Exchange Commission (SEC) to prevent it from labelling Ethereum as a security. Meanwhile, Coinbase is already fighting a legal battle against the SEC over the clarification of crypto rules in the country.
Despite the murky regulations, the SEC approved Bitcoin exchange-traded funds last January, ending years of anticipation. These instruments have opened the opportunity to easily invest in Bitcoin for retail and institutional investors alike.
Meanwhile, Vanguard, which has maintained an anti-crypto stance, recently named Salim Ramji, the previous executive at BlackRock who oversaw the launch of Bitcoin ETF, as the incoming Chief Executive.
This article was written by Arnab Shome at www.financemagnates.com.The XRP price is eyeing a surge of 20% as it looks to reach a major resistance zone at $2.50, providing a bullish outlook for the altcoin. This projection comes amid XRPs pullback to retest the breakout zone, with a confirmation of this breakout likely to lead to new highs. XRP Price Eyes 20% Surge To $2.51 In a TradingView post, crypto analyst Liam indicated that the XRP price could soon rally to the key resistance level at $2.15803. The analyst highlighted $2.29387 and $2.40995 as the other key resistance levels for the altcoin. Meanwhile, he mentioned that $2.18880 and $2.08373 are the key support zones to keep an eye on. Related Reading: Crypto Analyst Says XRP Is Dead Sentiment Is A Lie, Reveals The Truth Liam also commented on the current XRP price action and what needs to happen for the altcoin to reach this $2.51 target. He noted that the altcoin recently broke above a key consolidation range but is now pulling back to retest the breakout zone. If the support between $2.18880 and $2.08373 holds, then the altcoin could initiate a strong bullish rally towards the resistance zones, with $2.51803 as the major target. The crypto analyst advised market participants to closely monitor price action around the retest zone. He claimed that a strong bullish rejection from support could offer a high-probability long opportunity toward the higher targets. The XRP price currently boasts a bullish outlook, with the broader crypto market witnessing a reversal from recent lows. XRPs fundamentals also support a price. CME Group recently announced plans to launch XRP futures contracts in May, while ProShares Trust XRP ETF could launch soon, which would also provide institutional investors with exposure to the fourth-largest crypto by market cap. $2.24 Is Also A Major Resistance To Keep An Eye On Crypto analyst CasiTrades suggested that $2.24 is another major resistance level to keep an eye on for the XRP price. She noted that this level has been a key focus for weeks. XRP recently broke above this level as it surged to $2.27 but faced strong rejection, and is now looking to retest $2.24 as resistance. Related Reading: XRP Vs. Bitcoin: Ripple Drops Bombshell On Which One Is Better CasiTrades asserted that price remains vulnerable to deeper support until it can reclaim and close above $2.24. On the bullish side, the analyst claimed that this is a critical area that needs to be respected to keep bullish momentum intact. Crypto analyst Dark Defender assured that XRP will continue to climb to the top. His accompanying chart showed that the altcoin could reach as high as $8 in this market cycle. At the time of writing, the XRP price is trading at around $2.28, up over 5% in the last 24 hours, according to data from CoinMarketCap. Featured image from Pixabay, chart from Tradingview.com
The XRP price rallied again to $2.22 after a relief rally rocked Bitcoin and the crypto market. This was fueled by comments from US President Donald Trump that the tariffs on China are expected to be significantly reduced, even though they would not be zero. In the aftermath of this recovery, though, the XRP price has begun to retrace, suggesting that a local top may have been reached. However, some developments for XRP could see a kickstart to the bull rally. CME Group Announces XRP Futures Launch The XRP community has been rocked by positive news once again after the CME Group announced that it would be launching a futures contracts investment vehicle for XRP. The derivatives exchange seems to be taking advantage of the hype around the XRP price over the last few months, especially with the conclusion of the Ripple vs. SEC lawsuit on the horizon. Related Reading: Bitcoin Sees Largest ETF Inflows Since January, Becomes 5th Largest Asset In The World CME Group revealed that the futures contracts would be a cash-settled one, allowing investors to be able to bet on the XRP price rising or going down. This allows for exposure to XRP without having to actually buy and hold the digital asset itself. This is akin to the Bitcoin futures launched back in October 2021, setting the stage for the approval of Spot Bitcoin ETFs later in January 2024. The exchange revealed that it plans to launch the very first XRP futures contract on May 19th if the Securities and Exchange Commission (SEC) gives its approval. This news has been positively received in the XRP community, with Ripple CEO Brad Garlinghouse calling it an incredibly important and exciting step in the continued growth of the XRP market. Additionally, the XRP price jumped above $2.2 in response to the news. Related Reading: Why Did The Dogecoin And Shiba Inu Prices Surge Over 10%? Sentiment Recovers Around XRP Price Despite the decline in the XRP price following the market slowdown on Thursday, sentiment around the altcoin continues to be very positive. Data from CoinMarketCap shows that positive sentiment around the XRP price has rebounded after briefly dipping when the altcoin fell below $2.22. It is now sitting at an 88% of all votes being bullish, with only 12% expecting the price to fall further from here. Crypto analyst Armando Pantoja has also called out a possible bullish action brewing for the XRP price. According to the analysis, momentum is building after the price bounced off key support just above $2, and there is no major resistance in sight. He set the target at $2.50, which would mean a 20% jump in price from here. Featured image from Dall.E, chart from TradingView.com
CME Group is preparing to roll out XRP futures on May 19, pending regulatory approval. According to an April 24 statement, the product will feature two contract sizes, including one tied to 2,500 XRP and another to 50,000 XRP. These contracts are designed to accommodate varying investment strategies. They will be cash-settled and benchmarked against […]
The post CME Group eyes May launch for XRP futures product appeared first on CryptoSlate.
After the most recent increase in the federal funds rate, the U.S. Federal Reserve is set to raise the lending rate by 25 basis points (bps) to 5.25% in three days, according to expectations. A recent poll of 105 economists revealed that 94 of them predict a 25bps rate hike will occur during the May [...]
The post US Central Bank Expected to Raise Lending Rate by 25bps: Experts Predict Final Hike of 2023 appeared first on Crypto Breaking News.
The latest bitcoin derivatives data indicates a continued climb in bitcoin futures open interest, hitting all-time peaks. Over the last day, statistics reveal an open interest of $32.30 billion across fourteen distinct bitcoin futures markets. Soaring Open Interest in BTC Futures Signals Growing Derivatives Market Friday, March 8, 2024, marked a notable day when BTC [...]
The post Bitcoin Futures Market Attracts Unprecedented Open Interest as Derivatives Appetite Grows appeared first on Crypto Breaking News.
CME Group partners with Google Cloud to pilot tokenization solutions, aiming for faster, cheaper financial settlements and market efficiency by 2026.
Chicago Mercantile Exchange (CME), one of the world’s largest derivatives marketplaces, plans to launch crypto Ether (ETH)/Bitcoin (BTC) ratio futures on July 31, 2023. This is even as Cboe BZX Exchange, one of four equities exchanges operated by Cboe Global Markets, approached the US securities watchdog on Thursday, requesting permission to list the Wise Origin Bitcoin Trust, according to Reuters.
Top asset manager Fidelity filed the Trust in March 2021 with the Securities and Exchange Commission, seeking to create an exchange-traded fund (ETC) that tracked the price performance of BTC, Finance Magnates reported. However, the SEC rejected the financial services giant's proposal for the spot BTC ETF in January last year.
The ‘BlackRock’ Fever
Cboe’s application to list Fidelity’s fund comes on the heels of resurging interest in cryptocurrency exposure among institutional investors. Following fund manager BlackRock’s proposal to the Securities and Exchange Commission (SEC) two weeks ago, ARK Invest, Fidelity, Invesco and WisdomTree have also sought similar approvals.
Surprisingly, the wave of new applications follows the SEC’s recent crackdown on ‘unregistered’ crypto exchanges in the United States, including Binance and Coinbase. Experts believe that traditional investors are trying to ride on the watchdog’s latest campaign to secure permission for their spot BTC ETF applications previously turned down.
CME Group Expands Crypto Futures Offering
Meanwhile, CME’s planned crypto ratio futures targets BTC and ETH, the two largest cryptocurrencies by market capitalization. Crypto ratio futures are a type of derivative contract that enables traders to bet on the relative price movements of two different digital assets. These contracts are traded on decentralized exchanges such as Binance Futures.
CME in the statement noted that its launch of the contract next month is dependent on regulatory review. It added that the crypto ratio futures will follow the same listing cycle as its BTC/ETH futures contracts.
“The Ether/Bitcoin Ratio futures will be cash-settled to the value of CME Group Ether futures final settlement price, divided by the corresponding CME Group Bitcoin futures final settlement price,” the derivatives exchange further elaborated.
Giovanni Vicioso, CME Group’s Global Head of Cryptocurrency Products, believes that the ratio futures contracts will give investors the ability to “capture ether and bitcoin exposure in a single trade without needing to take a directional view.”
“This new contract will help create opportunities for a broad array of clients looking to hedge positions or execute other trading strategies, all in an efficient, cost-effective manner,” Vicioso added.
AvaTrade's veteran joins GKFX; Nasdaq welcomes 60 IPOs; read today's news nuggets.
This article was written by Solomon Oladipupo at www.financemagnates.com.
According to the CME Group Fedwatch tool on Thursday, there was a 51% probability of a quarter-point rate increase during the upcoming Federal Open Market Committee (FOMC) meeting on June 14. Just a fortnight ago, the Fedwatch tool indicated a slim possibility of the federal funds rate reaching 5.50% next month. The following day on [...]
The post Market Outlook: CME Fedwatch Tool Points to Increased Chance of June Rate Hike appeared first on Crypto Breaking News.
On Wednesday, Valkyrie Funds, a Tennessee-based asset manager offering a bitcoin futures exchange-traded fund (ETF), a defi fund, and a bitcoin mining industry ETF, filed with the U.S. Securities and Exchange Commission (SEC) for the launch of a spot bitcoin ETF. SEC Flooded With Spot Bitcoin ETF Applications as Valkyrie Funds Steps Into the Ring
The post Valkyrie Funds Joins Race for SEC Approval as It Files Application for Spot Bitcoin ETF appeared first on BTC Ethereum Crypto Currency Blog.
The firm has seen significant demand for its crypto products since November despite the bear market, according to the CEO.
CME Group and CF Benchmarks will launch reference rates for Axie Infinity Shards AXS, Chiliz (CHZ), and Decentraland's MANA. Sector-specific portfolios may be priced using reference rates and indices. CME Group introduced Bitcoin and Ether options last year. (Read More)
<p class="MsoNormal">Derivatives marketplace operator, CME Group, and cryptocurrency benchmark indices provider, CF Benchmarks, will launch three new Metaverse reference rates and real-time indices on January 30, the firms announced on Thursday. </p><p class="MsoNormal">The benchmarks, which will be calculated and published daily by CF Benchmarks, will provide “accurate and resilient pricing data” for tokens linked to the Axie Infinity (AXS), Chiliz (CHZ) and Decentraland (MANA) Metaverse-based platforms. The benchmarks will be published as non-tradable futures products, the firms said.</p><p class="MsoNormal">“Each of the new Axie Infinity, Chiliz, and Decentraland benchmarks will be calculated with pricing data from a minimum of two of these exchanges – Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital,” the firms disclosed in a statement, adding that the benchmarks will be based on “robust methodologies” and will be regularly vetted by experts.</p><p class="MsoNormal">The firms further noted that each benchmark will provide the US dollar price of each digital asset. These prices will be “published once-a-day at 4 pm London time,” <a href="https://www.financemagnates.com/tag/cme-group/" target="_blank" rel="follow">CME Group</a> and CF Benchmark said, further noting that each index will be published around-the-clock.</p><p>Check out this FMLS22 session on Metaverse and trading.</p><p class="MsoNormal text-align-justify">CME Group and CF Benchmark Aim for ‘Transparent, Regulated and Round-the-Clock Pricing’</p><p class="MsoNormal">Speaking in the statement, Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products noted that the cryptocurrency industry has continued to see increased interest in <a href="https://www.financemagnates.com/cryptocurrency/the-metaverse-is-misunderstood/" target="_blank" rel="follow">Metaverse projects</a>. </p><p class="MsoNormal">"With increased price transparency across more cryptocurrency products, market participants will be able to price sector-specific portfolios, <a href="https://www.financemagnates.com/cryptocurrency/can-the-metaverse-facilitate-sustainable-growth-of-decentralized-finance-defi-systems/" target="_blank" rel="follow">develop structured products</a> with greater confidence and manage price risk around various Metaverse-based projects,” Vicioso explained. </p><p class="MsoNormal text-align-justify">Also speaking, Sui Chung, CEO of CF Benchmarks, expressed excitement at being able to provide investors with exposure to all types of digital assets through high benchmarking standards.</p><p class="MsoNormal">"These benchmarks will provide accurate and resilient pricing data for tokens linked to the Metaverse, an exciting new scion of crypto where properties and communities can exist wholly within a virtual realm," Chung added.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
<p class="MsoNormal">The derivatives marketplace operator, CME Group, and cryptocurrency benchmark indices provider, CF Benchmarks, will launch three new Metaverse reference rates and real-time indices on January 30, the firms announced on Thursday. </p><p class="MsoNormal">The benchmarks, which will be calculated and published daily by CF Benchmarks, will provide “accurate and resilient pricing data” for tokens linked to the Axie Infinity (AXS), Chiliz (CHZ) and Decentraland (MANA) Metaverse-based platforms. The benchmarks will be published as non-tradable futures products, the firms stated.</p><p class="MsoNormal">“Each of the new Axie Infinity, Chiliz, and Decentraland benchmarks will be calculated with pricing data from a minimum of two of these exchanges – Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital,” the firms disclosed in a statement, adding that the benchmarks will be based on “robust methodologies” and will be regularly vetted by experts.</p><p class="MsoNormal">In addition, the firms noted that each benchmark will provide the US dollar price of each digital asset. These prices will be “published once-a-day at 4 pm London time,” CME Group and CF Benchmark said, noting that each index will be published around-the-clock.</p><p>Check out this FMLS22 session on Metaverse and trading.</p><p class="MsoNormal text-align-justify">CME Group and CF Benchmark Aim for ‘Transparent, Regulated and Round-the-Clock Pricing’</p><p class="MsoNormal">Giovanni Vicioso, CME's Group Global Head of Cryptocurrency Products, noted that the cryptocurrency industry has continued to see increased interest in <a href="https://www.financemagnates.com/cryptocurrency/the-metaverse-is-misunderstood/" target="_blank" rel="follow">Metaverse projects</a>. </p><p class="MsoNormal">"With increased price transparency across more cryptocurrency products, market participants will be able to price sector-specific portfolios, <a href="https://www.financemagnates.com/cryptocurrency/can-the-metaverse-facilitate-sustainable-growth-of-decentralized-finance-defi-systems/" target="_blank" rel="follow">develop structured products</a> with greater confidence and manage price risk around various Metaverse-based projects,” Vicioso explained. </p><p class="MsoNormal text-align-justify">Also speaking, Sui Chung, the CEO of CF Benchmarks, expressed excitement at being able to provide investors with exposure to all types of digital assets through high benchmarking standards.</p><p class="MsoNormal">"These benchmarks will provide accurate and resilient pricing data for tokens linked to the Metaverse, an exciting new scion of crypto where properties and communities can exist wholly within a virtual realm," Chung added.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
<p class="MsoNormal">The derivatives marketplace operator, CME Group, and cryptocurrency benchmark indices provider, CF Benchmarks, will launch three new Metaverse reference rates and real-time indices on January 30, the firms announced on Thursday. </p><p class="MsoNormal">The benchmarks, which will be calculated and published daily by CF Benchmarks, will provide “accurate and resilient pricing data” for tokens linked to the Axie Infinity (AXS), Chiliz (CHZ) and Decentraland (MANA) Metaverse-based platforms. The benchmarks will be published as non-tradable futures products, the firms stated.</p><p class="MsoNormal">“Each of the new Axie Infinity, Chiliz, and Decentraland benchmarks will be calculated with pricing data from a minimum of two of these exchanges – Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital,” the firms disclosed in a statement, adding that the benchmarks will be based on “robust methodologies” and will be regularly vetted by experts.</p><p class="MsoNormal">In addition, the firms noted that each benchmark will provide the US dollar price of each digital asset. These prices will be “published once-a-day at 4 pm London time,” CME Group and CF Benchmark said, noting that each index will be published around-the-clock.</p><p>Check out this FMLS22 session on Metaverse and trading.</p><p class="MsoNormal text-align-justify">CME Group and CF Benchmark Aim for ‘Transparent, Regulated and Round-the-Clock Pricing’</p><p class="MsoNormal">Giovanni Vicioso, CME's Group Global Head of Cryptocurrency Products, noted that the cryptocurrency industry has continued to see increased interest in <a href="https://www.financemagnates.com/cryptocurrency/the-metaverse-is-misunderstood/" target="_blank" rel="follow">Metaverse projects</a>. </p><p class="MsoNormal">"With increased price transparency across more cryptocurrency products, market participants will be able to price sector-specific portfolios, <a href="https://www.financemagnates.com/cryptocurrency/can-the-metaverse-facilitate-sustainable-growth-of-decentralized-finance-defi-systems/" target="_blank" rel="follow">develop structured products</a> with greater confidence and manage price risk around various Metaverse-based projects,” Vicioso explained. </p><p class="MsoNormal text-align-justify">Also speaking, Sui Chung, the CEO of CF Benchmarks, expressed excitement at being able to provide investors with exposure to all types of digital assets through high benchmarking standards.</p><p class="MsoNormal">"These benchmarks will provide accurate and resilient pricing data for tokens linked to the Metaverse, an exciting new scion of crypto where properties and communities can exist wholly within a virtual realm," Chung added.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
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CME Group is now proposing a new approach to crypto derivatives. The new approach could signal big structural shifts for traditional financial derivatives away from intermediaries. (Read More)
CME Group, a leading derivatives marketplace, has launched the options of Ether futures, given that the much-anticipated merge has been pushing demand. (Read More)
The CME group said that its new Ether Euro futures contract is designed to match that of its U.S.-denominated counterpart.
Continue reading CME Group Launches Euro-Denominated Bitcoin (BTC) Futures at DailyCoin.com.
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