As of about an hour ago, the Bitcoin futures market has launched with the world's largest player in the field - CME Group.
As CME opened their futures market from their Chicago headquarters today at 3pm (EST) - the overwhelming numbers so far show institutional investors placing their bets that Bitcoin will go even higher! So far, comfortably predicting a price around $21,000.
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| Charts from the first hour of CME's trading. |
Similar results were seen last week, when CBOE (a firm much smaller than CME Group) launched their Bitcoin futures as well.
What does this mean long term for Bitcoin? The honest answer is, nobody knows. Expert opinions range from futures giving Bitcoin the legitimacy it needs to reach $100k, with others saying eventually Wall Street will turn on cryptocurrencies and flood the market with short sells when they believe the 'bubble' has reached it's peak level.
Author: Mark Pippen
London News Desk
