It’s not only the price of Bitcoin that is seeing a rejuvenation in investor interest, but BTC Futures are also seeing some investor love too.
In a tweet by the Chicago Mercantile Exchange (CME) the exchange said that CME Bitcoin futures reached an all-time record high of 33.7K contracts on May 13 (168K equivalent Bitcoin), up nearly 50% from the last record of 22.5K contracts on April.
CME Bitcoin futures reached an all-time record high of 33.7K contracts on May 13 (168K equivalent bitcoin), up nearly 50% from the last record of 22.5K contracts on April 4. See how market participants are using $BTC to manage uncertainty: https://t.co/hDgraMj5pe pic.twitter.com/ct1xkjoJDF
— CMEGroup (@CMEGroup) May 13, 2019
The price of Bitcoin has gone from under USD $4000.00 in March to topping $8000 in May representing a solid return if you were fortunate enough to purchase BTC during Q1. While there has been plenty of speculation as to the cause of the recent rise in the price of the worlds most popular crypto, some of it has to do with a flight to safety in a world chock full of geopolitical risk. Most worryingly, at least for the moment, is the trade war between the US and China. Crowdfund Insider speculated that Chinese investors were looking to hedge against the decline in the value of the yuan.
But there are plenty of other countries where Bitcoin looks like a safe haven. Troubled spots like Iran and Venezuela currently top the list.
So is a crypto rally here to stay? Will Bitcoin soon be seven digits in dollars once again? Your guess is as good as mine.
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