Bitcoin (BTC) futures trading volumes on Wall Street reached $572 million this Tuesday during the cryptocurrency’s bull run. During the price surge, the most popular crypto-coin exceeded $8,000 in value – a barrier not broached since late May 2018.
At CME Group (NASDAQ:CME), Bitcoin futures trading volumes reached 12,878 contracts across all expiration dates, setting up a new record for the exchange. With each contract representing approximately 5 BTC, CME’s volume was worth an equivalent 64,390 BTC. CBOE contributed a further 7,138 contracts (1 BTC per contract), for a total of 71,528 BTC, translating to $572.2 million.
https://twitter.com/CMEGroup/status/1022145206773325825
CME Group and CBOE are the only two US-regulated exchanges to list Bitcoin features. Over the first quarter of 2018, CME features grew over 93%.
According to Mati Greenspan, senior market analyst at eToro, these volumes show Wall Street is ready – and willing – to participate in the crypto market after staying away from it during the boom of 2017. The analyst also noted the Japanese Yen seems to be fueling BTC’s current bull run.
“According to the volume on exchanges, it seems clear that the rally is being led by East Asia… The leader is the Japanese yen,” Greenspan said to Cryptovest.
According to data from coinmarketcap.com, the worldwide cash market for Bitcoin exceeded $7.7 billion for the same period on Tuesday. Although the volumes of CME Group and CBOE are negligible when compared to the global cryptocurrencies market, they are still an important indication that traditional financial institutions seem to be changing their stance on cryptocurrencies.
This article appeared first on Cryptovest
