Daily Trending News and Market Sentiment: CME Futures High, $10 Billion Blockchain Market Projections

Daily Trending News and Market Sentiment: CME Futures High,  Billion Blockchain Market Projections



Daily Trending News and Market Sentiment: CME Futures High,  Billion Blockchain Market Projections

Bitcoin price continues in its current trend of sideways trading, with barely 2% between the daily high and low and now trading just around USD 10,240, only half a percentage point above yesterday’s price at the same time.

Not much news is moving the market, although long traders will be noting the reports that CME Bitcoin futures today reported a new high, with an average daily trading volume of USD 515 million in May 2019. CME Group managing director Tim McCourt told Forbes that this record-setting month was down to futures that were “trading an average of more than 13,600 contracts each day, equal to ~$515 million in notional value or 68K equivalent bitcoins”.

McCourt reflected on an increasing interest domestically and abroad in the underlying technology of Bitcoin:

“It will be interesting to see how this new market continues to grow and scale. For us at CME Group, a major focus is education, and making sure our customers have all the tools they need to make solid strategic decisions around crypto.”

Meanwhile, nothing but good news from research firm ABI Research, which found that at current growth rates, blockchain tech would fuel a global revenue pushing USD 10 billion by 2023.

ABI gives the credit to venture capital, which has more than made up the ground for dropping levels of ICO funding. It reports that 620 VC rounds had gathered USD 3.1 billion in 2018, up from 153 rounds at USD 850 million in the previous year. ABI blockchain and digital security research director Michela Menting explained:

“Tighter regulation (including securities) and taxation (as foreign currency, income, financial asset, etc.) on cryptocurrencies in a number of countries are prompting investors to look beyond ICOs towards more stable VC-based investment for blockchain startups focusing on support infrastructure, retail, supply chain and enterprise applications.”

 

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