Sunday, June 23, 2024

    Massive Gains Force Bitcoin s Trading Halted Twice Quick Succession

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    With the CBOE Bitcoin futures going live, no one is surprised the demand is pretty massive. During the first few hours, things have progressed rather nicely.  At the same time, the massive gains triggered two warnings already. At the 10% and 20% gain level, the CFE halted trading of these Bitcoin futures. In every case, the trading resumes pretty quickly. All of this shows the demand for Bitcoin will not diminish anytime soon.

    The Bitcoin futures trading is a big development for the world’s leading cryptocurrency. Institutional investors can now speculate on the future BTC price. As one would expect, the demand for such a speculative vehicle is rather steep. In fact, it is so steep the CFE had to halt trading of CBOE futures twice already. These halted trades are triggered automatically whenever major gains occur. In this case, it happened at a 10% and 20% gain compared to the original price.

    Bitcoin Futures Make Their Mark

    This goes to show there is a genuine bullish sentiment regarding the Bitcoin price. More specifically, the actual BTC price has also appreciated nicely over time. While the futures are still valued higher than the BTC price itself, it does paint an interesting future. It is very likely we will see the Bitcoin futures halted again whenever new major gains or massive losses are recorded. Now is the time to speculate on the world’s leading cryptocurrency.

    It is uncanny how much demand there is for the products offered by CBOE. Their website crashed earlier this morning as well, which isn’t entirely unexpected. Centralized infrastructure has never been able to keep up with demand for Bitcoin whatsoever. Thankfully, those issues have been resolved rather quickly. It will be interesting to see how this Bitcoin futures market evolves in the next few days.

    Moreover, the CME Bitcoin futures will go live in a week from today. With more competition on the market, things will get pretty crazy for Bitcoin during the end of the year. The global demand for Bitcoin has never been higher. Even though people don’t buy BTC directly, the futures contracts will force a big shift in holdings for a lot of people. With everything now back on the up and up, all cryptocurrencies are starting to recover as we speak.

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