CME, which is currently the world’s largest derivatives exchange, announced that it was gearing up to introduce a new Micro Bitcoin futures contract. Although the product is still pending regulatory approval, it may launch as early as May.
Tim McCourt, Global Head of Equity Index and Alternative Investment Products at CME Group (NASDAQ:CME), clarified that the derivative product would be one-tenth the size of one Bitcoin (0.1 BTC). At current market prices, this should be between $5,800 and $6,000. McCourt said:
The announcement coincided with Bitcoin’s jump to nearly $60k, shortly after PayPal disclosed that its U.S. customers could now use cryptocurrencies to pay for goods and services. Some analysts opined that the announcement contributed to Bitcoin’s latest rally. However, as of press time, the flagship failed to cross the $60k benchmark and was trading at $58,000.
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Source: Cryptocurrency - investing.com
