New CME Bitcoin Options Spark ‘Unusually Strong Activity’ — JPMorgan
William Suberg's original article for cointelegraph.com reduced by 77%
The United States' largest bank believes interest will be high in CME Group's new Bitcoin options when they launch on Jan. 13. In a note from Jan.
10 quoted by Bloomberg on Friday, a group of analysts at JPMorgan Chase led by Nikolaos Panigirtzoglou noted interest in CME's existing Bitcoin futures had spiked in the run-up to the release. "This unusually strong activity over the past few days likely reflects the high anticipation among market participants of the option contract." The events mark a contrast to the December launch of options from CME competitor, Bakkt, the analysts added, with volumes for that product staying "Rather small." Overall, interest in Bitcoin futures has traditionally taken a long period to gather momentum. The start of futures trading further came in advance of a Bitcoin price drop, the absence of which could distinguish next week's options launch.
In a separate Bloomberg interview on Jan. 8, Sonny Singh, chief commercial officer at cryptocurrency payment processor BitPay, said even a small segment of new investors coming into Bitcoin was enough to move the market more decisively.
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CN [too long; didn’t read]
Summarised crypto news.