Bitcoin Options Trading Begins in Earnest, Sending Bitcoin Price SoaringAdam Gardiner
Bitcoin options trading began in earnest last week, with CME Group beginning Bitcoin options trading on the CME Globex exchange last Monday. While competitor ICE’s platform Bakkt has been offering Bitcoin options since December, the new competition should further enliven the Bitcoin investment markets.
The Bitcoin price soared nearly 10% in the aftermath of CME’s trading start, a good sign for the health of the Bitcoin market and strength of Bitcoin demand. Data from various exchanges showed a significant increase in investor interest in Bitcoin in the days and weeks leading up to the start of trading at CME.
With Bitcoin futures and now Bitcoin options being well established, that enables more and more investors to gain access to Bitcoin, and it assists investors with price discovery. With every indication that interest in Bitcoin is growing in 2020, that’s good news for other Bitcoin investors and users too.
Cryptocurrency IRA investors benefit greatly from anything that enhances Bitcoin’s adoption within the mainstream financial system, as the increasing user base of people exposed to, owning, and trading Bitcoin will only enhance demand for Bitcoin and lead to an increase in price. The next step now is to see whether US regulators will approve Bitcoin exchange-traded funds (ETFs), something that they’ve been putting off for years and years.
Regardless of what regulators decide on that issue, there’s no denying that Bitcoin is becoming more and more popular every year. Now the only question remains as to when Bitcoin will take out its all-time highs. The last time a major Bitcoin trading product was released, in late 2017, Bitcoin soared to nearly $20,000.
Will 2020 be the year that Bitcoin finally gets the monkey off its back and resumes the price growth that everyone back then was expecting? We’ll have to wait and see, but the future right now certainly is looking bright.