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Bitcoin Futures

CME: Bitcoin Futures Interest Still Strong

Bitcoin Futures

The Chicago Mercantile Exchange Group (CME) has expressed belief in the Bitcoin Futures market despite the recent price tank. The Illinois-based derivatives exchange is heavily interested in the capabilities of the cryptocurrency and has tweeted in support of the premier cryptocurrency of the world.

Despite the pullback in bitcoin prices, customer interest in CME Bitcoin futures remained strong during Q3 with daily OI of over 4.6K contracts, up 61% vs Q3 2018.

— CMEGroup (@CMEGroup) October 9, 2019

In a rather unusual move, the CMG took to the microblogging site to express hope for the future of the cryptocurrency. The exchange itself offers Bitcoin futures trading and reported in the same tweet that “CME Bitcoin futures remained strong during Q3 2019, with daily open interest (OI) of over 4,600 contracts, up 61% vs Q3 2018”.

Open interest is a financial term for futures contracts that have not been settled. Bitcoin futures contracts rose to 4,629 contracts up from 2873 during the last quarter despite the recent price tank in the price index. Over 34,000 contracts were traded in May alone which are worth USD 1.3 billion, sizeable figures considering the nascent nature of the Bitcoin futures market.

However, despite the positive attitude, CME has categorically negated the impression that it wants to launch physically settled Bitcoin futures contracts. The market is instead only offering contracts settled in cash. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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Chicago’s Bitcoin ATM Hub Booms

A spike in the numbers of Bitcoin ATMs could be a subtle indicator that Bitcoin is making its way into mainstream adoption rather quicker than most would care to admit. It may also be as well a signal of bullish sentiment despite market downturns.

Chicago, known for its dense financial busyness and also home to many crypto-related businesses, has also proven to be one of the hotspots for Bitcoin ATMs. Bitcoin ATM business in the city might just be booming as a total of 30 of the machines have reportedly been installed since the beginning of the year in the area.

As at November last year, Bitcoin News reported that the numbers of Bitcoin ATMs globally were breaching the 4,000 mark, currently, stats by Coin ATM Radar has it at 4,262. According to the same source, Chicago has about 226 Bitcoin ATMs / Tellers in and around Chicago.

The current wave of ATMs introduced to the city of Chicago is by Atlanta-based Lux Vending company using the tag ‘Bitcoin Deport’ and that takes the total numbers of ATMs in Chicago near 100, says Chicago Business. As for the company, this comes to a total of 200 ATMs distribution in the US.

While the competition for providers in the area may be fierce, “there’s a large degree of adoption”, says CEO of Red Leaf Chicago Eric Gravengaard whose 60 of the company’s 200 Digital Mint machines are installed in Chicago, with the others spread across the US.

Probably one of the major daunting challenges with these ATMs at present is the 10 to 20 percent transaction fees which typically cost more than an equivalent average transaction done on the US exchange Coinbase. To facilitate the rapid patronage of these new ATMs, Lux is doing a short-term waiver on its fees. Still, something has to be done about the fees; once the waiver is over, people will still have to deal with the realities of having to choose between Bitcoin ATM kiosks and other alternatives.

The good news is that there are numerous point-of-sales services for Bitcoins and while having an increased distribution of Bitcoin ATMs makes crypto sort of ubiquitous, leaving the options open will appeal to many crypto enthusiasts especially when considering the cost of exchanging their asset.


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New Yorkers Can Now Buy Bitcoin at ATMs With Debit Cards

New Yorkers Can Now Buy Bitcoin at ATMs With Debit Cards

With cryptocurrency ATMs on the rise around the world with machines globally passing the 4,000 total at a rate of five installations a day, both New York and Chicago are showing continued US dominance in the sector.

New York now offers customers the opportunity to purchase Bitcoin using a regular credit card at machines supplied by ATM provider LibertyX. The company now has selected ATMs across the city able to provide the new service. It has been installing crypto ATMs across the US since its first opened in Boston in 2014, later providing campus machines at Harvard and MIT.

The debit card ATMs having been finding homes across the US since last year, but have only just come to New York City having just gained approval from New York’s Department of Financial Services (DFS).

A customer can use one of the new ATM debit card facilities by simply downloading a LibertyX mobile app and then registering their account. Once done, users have access to Bitcoin withdrawals to the tune of USD 3,000 a day by using their debit card. The move is hoped to encourage more widespread use of cryptocurrency ATMs by illustrating the ease of access to crypto funds.

The windy city has no plans to be left behind, and Chicago is currently undergoing its own battle of the ATMs with many providers vying for trade. The latest provider to hit town is Atlanta-based Lux Vending which has now added 30 of its own machines already across the Chicago area this year, taking its total in the city to 200.

Other companies in the race for planting their machines across the nation include home-based Red Leaf Chicago, who, apart from having 60 machines across the city, has another 120 machines across 21 states, including Iowa, New Jersey, Florida, and California. Another Chicago-based company has gone worldwide choosing to place its ATMs internationally, with only three in Chicago. With 65 machines across the US, it has found many of its 100 remaining machines doing huge business in Colombia and Argentina, a trade which could increase dramatically given the current economic and political unrest in the region.


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CME to Stick With Bitcoin Before Spreading the Field

CME, the world’s largest exchange operator, says that it is in no rush to list more cryptocurrencies to Bitcoin futures trading at this time.

CME Group is the world’s leading and most diverse derivatives marketplace, handling 3 billion contracts worth approximately USD 1 quadrillion annually. The financial giant, which is also the owner of the Dow Jones stock and financial indexes, began offering Bitcoin futures back in December of last year, following CBoE Global Markets Inc similar move.

The group’s CEO, Terry Duffy, says that so far he hasn’t seen huge flows of business, but is happy to take a “wait and see approach”. Competitor CBoE has been trading 5,881 contracts a day in 2018 to CME’s average of 3,063 according to Bloomberg, although the daily average works out to double that of CBoE at 15,317.

Duffy said that in his 40 years in trading that adding Bitcoin futures was a massive step, describing it as possibly the most controversial launch of any product by the company to date. Consequently, the company currently has no plans for any other products in the near future, commenting, “This is going to take some time one way or another and we’ll do it the right way.”

Duffy said he doesn’t want derivatives novices to trade the futures contract “because it is highly volatile and new”. Bitcoin futures now is a minute portion of CME’s business compared to their average daily volume total of 18.4 million contracts in the second quarter of 2018.

CBoE itself has expressed that it would consider opening its doors to other cryptocurrencies in the future and has become a keen player. Its president Chris Concannon expressed a view earlier this year that digital currencies were “here to stay” and that the New York-based exchange had the vision to open a “crypto complex”.

Bitcoin futures trading is fast becoming the next big thing on Wall Street as the introduction of derivatives is increasingly taken on board by major players.


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