May 7, 2021 12:31 GMTCrypto News
Bitcoin price has surprisingly remained in a lull despite this week’s astonishing rate of adoption.
From indexes to Micro BTC futures, the fundamental nature of the flagship cryptocurrency has grown.
Multiple on-chain indicators hint at an incoming price explosion.
Bitcoin price faces a stiff resistance wall that has prevented weak bullish momentum from passing through. As a result, a short-lived retracement has caused a majority of the market to follow suit despite BTC’s raging adoption and interest from institutions over the past week.
Slowly, then all at once
Perhaps the most significant development surrounding Bitcoin over the past week was the introduction of Bitcoin, Ether and Cryptocurrency MegaCap indexes by S&P Dow Jones Indices.
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The CME micro Bitcoin futures allows retail players and individual crypto investors to deal with small-sized contracts thereby ushering more market liquidity while giving the smaller players equal exposure to a regulated environment.
On Monday, May 3, the Chicago Mercantile Exchange (CME) announced the launch of the Micro Bitcoin Futures in a move aimed at expanding its crypto derivative products. Over the last year, Bitcoin has gained significant price appreciation and momentum.
Thus, the demand for Bitcoin derivative products has also surged. While CME was indeed the first to launch the Bitcoin Futures, it was largely available only to institutional players. The cash-settled CME Bitcoin futures is one of the most popular Bitcoin derivative products.
Apr 30, 2021 14:46 GMTCrypto News
Bitcoin price to receive a boost as CME plans to launch Micro BTC Futures on May 3.
Unsurprisingly, the SEC delayed its decision on the Bitcoin ETF by extending the deadline up to June 17.
BTC shows ambiguity as it could rise to a new all-time high or suffer a steep correction.
Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.
CME’s turn to carry the BTC torch
Even though the past week saw blood in the markets, things seem to have calmed down as Bitcoin appears to have found its footing.