Bitcoin price hits 2-month high after CME BTC options launch

Bitcoin price hits 2-month high after CME BTC options launch

Bitcoin Options: Overview & TOP Trading Tips

Per night bitcoin rate has grown by almost 5%, reaching $ 8,500, which is the highest level since November 17, 2019.

The $ 500 jump came just hours after the successful launch of Bitcoin options by the Chicago Mercantile Exchange (CME). The new instrument on the very first day surpassed the similar product Bakkt, which has existed for more than a month, in terms of trading volume. At launch, 55 contracts were purchased for 275 BTC or $ 2.1 million.

Since the CME bitcoin options interested institutional investors, this event stimulated an increase in the price of the underlying asset, which allowed the bulls to overcome the resistance around $ 8200. Over the past 24 hours, BTC has grown by 4.6% and at the time of publication is trading at $ 8514.

However, some analysts argue that the jump is under-sustained and could be followed by an equally rapid decline..

Following the leader, altcoins also went up. Over the past 24 hours, the Ether (ETH) rate has increased by 3.78% to $ 149.4, XRP has added 2.15%, climbing to $ 0.2176. Bitcoin Cash (BCH) and Litecoin (LTC) Up 7.24% and 7.36%, respectively.

The growth of cryptocurrency is also facilitated by the fact that HODL has once again become the most popular strategy among crypto investors as 60% of bitcoins have not left their addresses for over a year.

Bitcoin price hits 2-month high after CME BTC options launch

text: Ivan Malichenko, photo: Shutterstock, charts: The Block, TradingView