Any significant event of history has a lot of impact in the development of the future. The event that I am discussing in the last 6 posts is one such event which made a breakthrough in the history of bitcoin's growth. Institutional investors and the leading exchanges were not interested in Bitcoin earlier but after that event they have shown their intVarun it can be said thatest dramatically for the leading crypto Bitcoin. In this 7th part I would like to share some interest of the leading exchanges about Bitcoin after that event happened in 2017.
Just a week after CBOE’s launch in 2017, the Chicago Mercantile Exchange (CME), the world’s largest futures exchange, also launched its own Bitcoin futures contract. The CME’s contract was seen as more significant due to its larger trading volume and the fact that it used a broader index of prices from multiple exchanges to calculate Bitcoin’s price, whereas CBOE used a single exchange (Gemini). The competition between CBOE and CME was fierce. While CBOE had the distinction of being first, CME quickly overtook it in terms of trading volume and liquidity.
About 2 years later in March 2019, CBOE discontinued its Bitcoin futures product. In this way CME became the dominant player in the Bitcoin market. Future contracts are significant in this perspective. It signaled the start of a new era where Bitcoin was no longer seen as an outsider to traditional finance but rather as an asset with the potential for mainstream adoption. The first future contracts of Bitcoin in 2017 is a remarkable event in history as it marked the future bitcoins acceptance to the big investors.
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