Bitcoin Price: $10K Holds For Now As 50% Of CME Futures Set To Expire (#GotBitcoin?)
Bitcoin (BTC) price was still testing support at $10,000 on Aug. 27 as all eyes began focusing on the upcoming futures expiration set for Friday. Bitcoin Price: $10K Holds For Now As 50% Of CME Futures Set To Expire (#GotBitcoin?)
Bitcoin Price Retests Five-Figure Support
Data from Coin360 showed a fresh dip for BTC/USD over the past 24 hours, with markets dropping from local highs of $10,400 to bounce at around $10,100.
Bitcoin remains down around 6% versus the same time last week, having reversed all but 6% of its monthly gains which briefly saw the largest cryptocurrency pass $12,000.
Now, commentators expect Friday’s CME futures expiration to impact on markets. As the Twitter account known as Skew noted on Tuesday, the deadline will see approximately 50% of open interest expire.
As Cointelegraph reported, futures expiration tends to spark volatility for Bitcoin, but different events have historically behaved in different ways.
Skew, however, suggested appetites among investors were now more bearish.
“Some of those positions will be rolled but overall institutional investors have been looking elsewhere in August!” he commented alongside a chart of CME’s official statistics.
Others also highlighted the correlation between futures and market activity.
Nonetheless, Bitcoin’s solid network data would serve as a reminder that the cryptocurrency is an increasingly safe bet. Overall market volatility fell to an eight-week low this week, Forbes reported on Aug. 25 citing data from Blockforce Capital and Digital Assets Data.
On Monday, Cointelegraph noted alternative explanations for current Bitcoin price behavior.
Altcoins Continue Lackluster Trading
Altcoins meanwhile recorded yet another day of moderate losses. As BTC/USD fell, so too did the majority of major tokens, with Binance Coin (BNB) faring worst after shedding 5.7%.
Ether (ETH), the largest altcoin by market cap, broadly matched Bitcoin’s 2.6% dip, while XRP and Litecoin (LTC) managed to stem their losses.
CME Asks CFTC To Double Bitcoin Futures Capacity As Interest Soars
The Chicago Mercantile Exchange (CME) Group is petitioning United States regulators to allow its clients to double their open Bitcoin futures positions.
Double Open Positions Limit, Says CME
According to Nasdaq on Sept. 12, CME has already put its plans before the Commodity Futures Trading Commission (CFTC).
If successful, each investor would gain a monthly limit of 2,000 contracts per spot month instead of the current 1,000.
The move comes on the back of constant growth in demand for Bitcoin futures, with CME’s volumes setting new records on a regular basis.
As Nasdaq notes, the CFTC officially states that lower-risk trading instruments are not subject to limits. Therefore, an agreement to lessen the strict controls for CME could be construed as the regulator having more faith in Bitcoin (BTC) options than before.
“This is one more way we’re providing customers, institutional traders and end-users with additional flexibility to trade and hedge bitcoin price risk,” a spokesperson told the publication.
March Of The Bitcoin Futures Contracts
CME was one of the first Bitcoin futures operators, launching its product in December 2017.
Since then, the market has expanded, with the second half of this year set to see a significant increase in overall interest.
Later in September, Bakkt, the regulated trading ecosystem for institutional investors, will launch physical Bitcoin futures, which pay out returns in BTC instead of fiat currency.
Cryptocurrency exchange Binance is currently testing two potential futures trading platforms.
Manipulation? CME Bitcoin Futures Flash Crash To Fill $8.5K ‘Gap’
Bitcoin (BTC) trading is coming under the spotlight this week after another flash crash sparked concerns that traders are manipulating markets.
As various social media users noted, including statistician Willy Woo on Nov. 5, unusual occurrences on exchanges give reason to be critical of Bitcoin price movements.
Woo: I’m “highly suspicious” of BTC/USD
As Cointelegraph reported, last week saw sudden erratic behavior at two exchanges — Deribit and Coinbase Pro — which appeared to influence BTC/USD.
On Tuesday, it was CME Group’s Bitcoin futures which continued the trend. In early trading, BTC/USD futures suddenly tanked to below $8,500 before rebounding to $9,300.
That lower level previously formed a gap in futures trading — when one session begins higher than where the last ended. Analysts note that Bitcoin often seeks to “fill” those gaps, but in this case, it did so with minimal resources.
“I cannot believe how crazy trading BTCUSD on the short term is right now. The gap on the CME has filled already. It’s thinly traded yes. But man, I’m highly suspicious of the price action across all the exchanges of late, more so than usual,” Woo summarized.
Cointelegraph contributor filbfilb reacted similarly, noting the unusual nature of the price filling at CME.
“Don’t know what happened there!” he told subscribers of his dedicated Telegram trading channel on Tuesday.
For Twitter analyst lowstrife meanwhile, the behavior was a “good example” of market manipulation.
“If you look at my original tweet, all the volume printed before the actual dump. But on the 1 minute chart it looks like it was part of the entire move. This is called painting the tape,” the account wrote.
BTC Price Red Herring?
Bitcoin has seen two major run-ups in recent weeks, defying the previous sentiment that markets would remain lower in the months before the May 2020 block reward halving event.
The moves seemed to take analysts by surprise, with BTC/USD recording its second-largest daily gains in history late last month.
Longer-term, 2019 has been characterized by periods of price stability punctuated by sudden upward and downward movements occurring in a matter of minutes or hours.
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