Tuesday, June 6, 2023
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CME Group Launches Euro Based Bitcoin, Ethereum Futures

Derivatives market CME Group launched Bitcoin Euro and Ether Euro futures on Monday due to demand outside the United States.The company previously said that euro-denominated crypto assets Second Highest Traded Fiat Currency behind the US dollar. The CME’s euro futures contract aims to provide customers with a more accurate tool, the company said.

CME Euro Bitcoin Futures Popular On Demand

Tim McCourt, global head of equities and FX products at CME Group, said the decision to launch a euro product was based on strong growth in dollar-based futures. “The launch of these new futures contracts builds on the strong growth and deep liquidity seen in existing USD-denominated Bitcoin and Ether futures contracts.” It can be used to trade and help hedge exposure, he explained.

“Our new Bitcoin Euro and Ether Euro futures offer US and international institutional investors a more precise and regulated tool for trading and hedging their exposure to the two largest cryptocurrencies by market cap. Offers.”

CME said New Bitcoin Euro and Ether Euro Futures Contracts It will be sized at 5 Bitcoins and 50 Ethers per contract. New contracts will be cash settled based on the CME CF Bitcoin-Euro reference rate and the CME CF Ether-Euro reference rate. This will serve as his daily reference rate for the euro-denominated prices of Bitcoin and Ether, the company said.

Expansion outside the US

The launch of euro-denominated futures trading is in line with CME’s plans to expand its cryptocurrency products beyond the United States amid growing demand for regulated options. The product launch comes after CME futures saw record demand last quarter. Average open interest per day in the second quarter showed record growth at 106,200 contracts for him. The quarter was also the second highest ever in terms of his average daily trading volume of 57,400 contracts.

Anvesh reports major advances in cryptocurrency adoption and price analysis. Having been involved with cryptocurrencies since 2016, he is now a strong proponent of decentralized technology. Follow his Anvesh @AnveshReddyBTC on Twitter, [email protected]

The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.

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