Bitcoin exceeded $ 8500 amid the launch of BTC options from CME

On Tuesday, January 14, the price of bitcoin is growing. At 01:45 Washington time, the first cryptocurrency is trading at $ 8502.21 (+ 4.56%), according to Binance.

Trading Binance BTC / USD chart

XRP rose 1.57% to $ 0.216. Previously, the Chicago Mercantile Exchange Group (CME Group) launched the trading of bitcoin options. Thus, CME became a direct competitor to the regulated exchange Bakkt, on which options trading started on December 9. The asset of the new CME option is the Bitcoin futures contract launched by the exchange in 2017. One contract corresponds to five bitcoins and undergoes centralized clearing on the trading platform, which avoids counterparty risks. To determine the Bitcoin exchange rate, CME uses data from several cryptocurrency exchanges. The FxPro Analyst Team notes:

“On the night of January 14, the Bitcoin exchange rate exceeded $ 8,500, pulling up the rest of the cryptocurrency market. The most significant growth was shown by Bitcoin SV (25%), Dash (20%), ZCash (21%), Bitcoin Gold (23%). In addition to the BTC price increase, it became known that after the New Year's lull, trading volumes returned to the market. According to Arcane Research, by January 8, trading volumes of the first cryptocurrency jumped 126% to $ 1.5 billion. Thus, we see that it is very likely that trading in the cryptocurrency market is gaining more and more professional features. In addition, on January 13, the CME launched the trading of bitcoin options, competing with a similar product from Bakkt, which was launched on December 9. Proponents of technical analysis believe that the confident ability of Bitcoin to exceed $ 8,200 may open the way for a larger rally with the prospect of touching a critical psychological level at $ 10,000.”