Hey ninjas, how’s the trading going? On the day, the crypto market is in the green zone as most of the top cryptocurrencies are reporting daily gains. The largest cryptocurrency Bitcoin is trading at $8,157 and is reporting daily gains over 1% at press time.
The largest bank in the United States reportedly believes that the CME Group’s new Bitcoin options interest would reach new highs after its launch on the 13th of January.
According to a note quoted by Bloomberg on the 10th of January, a group of analysts led by Nikolaos Panigirtzoglou the managing director for Global Market Strategy at J.P Morgan noted that the interest in the CME’s Bitcoin futures had significantly increased in the days leading up to its release. J.P Morgan summarized that the recent activity reflects the “high anticipation” of the new option contract.
J.P Morgan analysts also noted that the strong activity of market participants in the last few days leading up to the launch of CME’s new option is very different from the launch of its competitor Bakkt in December. The interest in Bitcoin futures in the last few years usually takes a longer period to gather momentum.