The CME Group released the news that they have experience all-time high trading volumes for Bitcoin Futures on its derivatives marketplace. The marketplace saw a massive jump from roughly 2000 on April 1 to over 20,000 on April 4.
CME Bitcoin futures had a record trading day on April 4, hitting an all-time high volume of over 22.5K contracts (112.7K equivalent bitcoin), surpassing previous record of over 18.3K (64.3K equivalent bitcoin) on February 19. More #Bitcoin futures. $BTC_F https://t.co/kWYK203apA pic.twitter.com/CX5nF8dXyv
— CMEGroup (@CMEGroup) April 5, 2019
Previous highs were at roughly 18,000 on February 19.
Market volumes are no guarantee of price breakouts and do not necessarily herald an extended bull run, but the general sentiment of investors, experts, and analysts is that the market is not too far from escaping its stagnation. Fundstrat’s Tom Lee is placing a time frame of 6 months, while his firm Fundstrat has released a crypto outlook report for 2019 that refers to the many incremental developments that the market is seeing.
Meanwhile, the CBOE has put its Bitcoin Futures plan on hold.
The fact that Bitcoin seems to be holding at $5000 is a very encouraging sign for the market and more trading volumes means that investors will hope for even higher prices – perhaps even $14,000, the “fair value” that Tom Lee pegs to Bitcoin.
It has recently come to be known that Bitcoin was the number 1 keyword on China’s Baidu search engine, which boasts a userbase of nearly 2 billion people. The increase in searches corresponded with the increase in Bitcoin’s price, and the past has shown that search volume and related social media activity has been linked to Bitcoin price surges.