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Bitcoin Futures CME Trading Generates $100 Billion in Volume Since 2017

January 31, 2020 No Comments
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One of the products that have become particularly important to the continued growth of the crypto industry is Bitcoin futures. The derivative product has become one of the most heavily traded crypto-based securities.

Key Drivers

The Chicago Mercantile Exchange (CME) revealed its actual figures with regard to this particular product yesterday. The futures contracts have been traded on the exchange since 2017, and one of the top executives revealed that the total volume of the trades has been pegged at $100 billion.

Tim McCourt, who is the Global Head of Equity Index Alternative Investment Products and Group Managing Director at the exchange, stated, “CME Bitcoin futures have surpassed $100 billion in total notional value traded since their launch in December 2017.” It is an indication of the sort of money that has come into the crypto market and specifically for Bitcoin futures.

Moreover, the CME represents the mainstream financial sector, and such trading volumes indicate that institutional money has come into the sector in a big way over the past few years. For many years, crypto experts have stated that the entry of institutional money could lead to a significant rise in Bitcoin prices, and it remains to be seen how it all pans out in the coming months.

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McCourt also stated that the futures contracts in question have evolved significantly over the past two years, and currently, CME operates one of the most liquid Bitcoin derivatives markets in the world. High liquidity is the sign of a mature market and indicates that the price of a security is now going to change massively if traded frequently. Institutions generally look for such securities, and it is possible that the liquidity in the exchange eventually led to such high volumes of trading over the past two years. The Bitcoin futures market is still new, but it has truly taken off over the past year or so.

Featured image: DepositPhotos © EdZbarzhyvetsky

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Vodafone Becomes Latest Big Name Backer to Quit Libra

January 30, 2020 No Comments
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British telecom giant Vodafone is the latest firm to pull out of the Libra Association, the non-profit body overseeing the Facebook-led digital coin, bringing the total number of early backers to withdraw from the project to eight.

Vodafone Walks Away

Both Vodafone and Libra confirmed the news last week with the departure appearing to be amicable, despite several high profile withdrawals last year coming across as less than friendly. The telecom company now says it intends to dedicate resources previously allocated for the project to its own well-established digital payment service M-Pesa, which it plans to expand beyond the six African nations currently served.

Vodafone’s decision to leave the Libra Association does not appear to be driven by regulatory concerns or scrutiny leveled at the project, unlike PayPal, Mastercard, or Visa, all of which cited the intense criticism of the proposed digital asset as a key factor in their decisions walk away. However, Vodafone is the first company to depart the association since its official inception in Switzerland last October.

Libra Down to 20—For Now

In a statement, a Vodafone spokesperson said the company believes it can most effectively bring affordable financial services to the unbanked and underbanked by focusing on M-Pesa. “We have said from the outset that Vodafone’s desire is to make a genuine contribution to extending financial inclusion,” the spokesperson said. “We remain fully committed to that goal.”

Now down to 20 members, The Libra Association said it intends to admit new members in 2020, with over 1,500 companies currently on a waitlist for membership. Dante Disparte, Libra’s communications chief, said, “although the makeup of the Association members may change over time, the design of Libra’s governance and technology ensures the Libra payment system will remain resilient.”

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As M-Pesa currently accepts a number of different currencies for remittance, the possibility that it may accept cryptocurrencies, including Libra, remains open. “We will continue to monitor the development of the Libra Association and do not rule out the possibility of future cooperation,” a Vodafone spokesperson said.

Featured Image: DepositPhotos © poringdown@gmail.com

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