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December 2020

CME Sees Second-Best Month for Bitcoin Futures Trading

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CME

CME

January was the second-best month for CME’s Bitcoin futures trading since its 2017 launch, averaging 10,800 contracts, 69% greater than the average daily volume in 2019. Last month also saw new options on Bitcoin futures picking up pace. Since launch, 466 options contracts, or 2,300 equivalent Bitcoin, have traded—nearly 40% as blocks, showing signs of institutional interest, CME said. It also registered a record monthly average of 56 large open interest holders (entities that hold 25+ contracts).

The Chicago Mercantile Exchange (CME) launched its Bitcoin futures options last month, with US$2.3 million traded on the first day alone, eclipsing the slow start made by rival exchange Bakkt, which is headed up by the parent company of the New York Stock Exchange, the Intercontinental Exchange (ICE). Both platforms were launched with the intention of increasing institutional investment in cryptocurrencies, essentially trying to make the trading of digital assets more mainstream.

Bakkt, which was one of the most eagerly awaited arrivals to the crypto world last year, has hugely underwhelmed since its launch in September, particularly in comparison with CME. The strong start to CME futures options has helped drive a resurgence in Bitcoin (BTC) value. After plummeting to $6,860 earlier in the year, the world’s leading cryptocurrency bounced back and is currently staring at a 3-month peak of over $10,200.

>> Ethereum (ETH) Almost Doubled This Year: Here are the Major Triggers

CME also revealed that it has seen a total trading volume of over US$100 billion since its launch in December 2017, which is an overwhelming endorsement of institutional interest in crypto trading. Tim McCourt, Group Managing Director of CME, also said that the exchange operates the most liquid Bitcoin derivatives markets in the world, which is an indication of market maturity, something that institutions generally look out for and could be a factor in driving higher trading volumes in future.

CME Group also reported its Q4 earnings today of $544.4 million or $1.52 per share. Analysts had expected the company to earn $1.54 per share, while revenue for the quarter fell 8.1% to $1.14 billion from $1.24 billion last year.

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TradersEXPO, New York | OptionsGeek’s Founder, Felix Frey, to Speak

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TradersEXPO New York

TradersEXPO New York

NEW YORK CITY, Mar. 1, 2019/   – OptionsGeek is pleased to announce that founder Felix Frey will speak at TradersEXPO New York March 10 – 12, 2019 | New York Hilton Midtown.

Felix, a Wharton graduate with a 20+ year Wall Street career will discuss “The Options Secret Used by the Top 1% to Gain Edge” on Monday, Mar. between 11, 3:30 PM – 4:15 PM EST. He’ll clarify the confusion in the options industry and reveals why most investors are at an insurmountable disadvantage.

We asked Felix what investors can expect to gain from his presentation, he responded, “Knowledge.”

“Knowledge is power. In this game, there’s a fine line between actually knowing what you’re doing and guessing.  Most people are guessing, which leads them to guaranteed losses. Now, think about what role the OIC plays in the whole game. Answer that and you get close to the secret.”   

Felix will be in good company at the TradersEXPO with fellow speakers John Bollinger, Jon Najarian, Amelia Bordeau, Mike Denver, and so many more. For 20 years, the TradersEXPO has offered the best education beginner, experienced, and advanced traders can get and this year looks set to be even better. For the 20th anniversary of the event you can expect to find innovative new products and strategies, expertise on all areas of trading, and incredible networking opportunities.

Can’t make it to New York? You can register to watch Felix speak via this link: https://conferences.moneyshow.com/tradersexpo-new-york//live-stream/registration/?email=&scode=047358

About MoneyShow

MoneyShow – Invest Smarter, Trade Wiser is the largest global network of investment and trading expert education. The privately held financial media company was founded in 1981 and is headquartered in Sarasota, Florida, USA. Each year, MoneyShow’s roster of live and online events attract more than 70,000 investors, traders, and financial advisors who gather with top market experts in dynamic, face-to-face and online learning forums worldwide. For more information, visit www.moneyshow.com Facebook: Follow MoneyShow Twitter: @MoneyShows Instagram: @MoneyShows LinkedIn: MoneyShow

About Felix

Felix Frey is a Wharton graduate with an accomplished 20+ year Wall Street career. He’s worked on derivative desks at Swiss Bank O’Connor and Bank of America, where he advised top investment managers on the risk and rewards of options. At Bank of America, Felix also risk-managed a billion dollar options portfolio providing liquidity to top clients. In 2007, he joined Scoggin Capital Management and spent almost a decade sitting next to two of the most successful money managers over the last 30 years. Currently, Felix is the founder of OptionsGeek, an options educational platform that offers a new and improved options chain, institutional quality trading ideas, and some of the best Options Education on the market.

About OptionsGeek LLC

OptionsGeek LLC offers a complete options training platform offering students and traders the options tool required to succeed, quality trading ideas to profit, and the best options education that ties it all together. OptionsGeek introduces brand new concepts and a more exciting delivery for all investors interested in better managing their risk and increasing their reward.

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Swiss Digital Exchange to Launch Initial Digital Offering Next Year

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Swiss Digital

Swiss Digital

Swiss stock exchange firm Six Group’s cryptocurrency trading platform Swiss Digital Exchange has announced that it will be launching an initial digital offering (IDO).

The firm has already organized a group of financial institutions across the globe that will support the IDO. The IDO, which will take place next year, will be similar to a traditional IPO but the shares will be in the form of digital tokens offered on the SDX platform.

Investors to Help Build SDX Business

Thomas Kindler, the CEO of SDX, indicated that the consortium of institutions includes investors from the banking sector and market infrastructure, as well as developers. He said the IDO aims to raise capital as well as legitimizing the technology. He added that the focus is to get investors who can help the business and assist in validating the technology off the ground.

The CEO did not disclose who the members of the consortium are or how much SDX wants to generate. He only confirmed that SDX will be the majority equity holder. Already, five big investors and close to 10 small investors have shown interest in taking part in the IDO.

SDX to Introduce Own Security Token

The company plans to introduce its SDX security token deviating from the original plan to tokenize conventional banking assets and real estate assets. Issuance of the SDX token will be on a blockchain platform built through R3’s Corda Enterprise. Regarding the security tokens, the CEO said that they are considering having a two-phased approach. The first will involve the international group of investors, and the other involves the firm’s issuance.

>> Tether Becomes the Most Used Cryptocurrency in the World

The firm announced last week the launch of the prototype version of its digital assets exchange and central securities depository (CSD). The full launch of the CSD will be in the fourth quarter of 2020 rather than the originally scheduled summer of 2019. The firm indicated that the prototype aims to demonstrate the future of financial markets. The CEO indicated that key elements consist of customization and integration of the security token to the firm’s current connectivity.

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Tether Launches New Gold-Backed Stablecoin on TRON

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Tether

Tether

Tether has launched a new stablecoin backed by physical gold reserves called Tether Gold (XAU₮), according to a press release published on January 23. One coin will be equal to one troy fine ounce of physical gold, currently worth approximately US$1,550. Tether Gold is available as a TRC20 token on the TRON blockchain as well as an ERC-20 token on the Ethereum blockchain.

As per the press release, the funds are said to be “safely held in a Switzerland vault;” however, the institution holding the reserves remains unclear, but Tether has assured investors that they have a “direct control” over the reserves. Tether’s CTO Paolo Ardoino said that the new coin will provide investors with the stability of gold and the speed of digital assets, effectively serving as a substitute for those who want to trade gold but do not have access to such storage facilities.

Tether has also invited crypto exchanges that would like to support the coin to contact the company. Blockchain information for the Ethereum contract shows that there is an outstanding supply of almost 4,000 tokens, which would be equivalent to a $6.2 million market capitalization. Issued by TG Commodities, Tether Gold can be transferred to any on-chain address from the purchasers’ Tether wallet and is the only product among the competition that offers zero custody fees.

The launch of a new gold-backed coin has raised some skepticism in the crypto world given longstanding allegations against Tether, and its sister firm Bitfinex, which claim that both were involved in creating “the largest bubble in human history.” These allegations are centered around claims that Tether essentially printed billions of dollars worth of tokens in order to inflate prices and stimulate increased demand.

>> Ripple Eyes Aggressive Expansion of Payments Network This Year

Multiple lawsuits were brought against Tether, claiming that it played a key role in defrauding the crypto market out of up to US$1.4 trillion. Those cases have now been consolidated into one single suit, which will be heard in the US District Court for the Southern District of New York next month. Both Tether and Bitfinex have consistently denied all allegations; however, it has flip-flopped multiple times on its claims that its coin is pegged 1:1 with the US dollar, with one lawyer saying its coin was only 74% backed by cash or cash equivalents.

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