The Chicago Mercantile Exchange (CME) Group records record-breaking highs for it bitcoin (BTC) futures, as announced by the exchange in an official Twitter post on June 28.
According to the post, the CME Bitcoin futures reached $1.7 billion in nominal value traded on June 26. This represents a 30% increase over the last record high. The institutional interest in the product is believed to have fueled the rise. At 6,069 contracts, open interest in BTC futures is currently at 6.069 contracts.
These futures are standard contracts that bind all parties involved in the purchase or sale of bitcoin at a specific time. According to TradingView data, CME bitcoin futures crossed the $10,000 mark just a week before it was put on its feet. Notably, CME reported another record-breaking 5,311 open futures contracts, totalling 26,555 BTC (approximately $280 million) just one day prior, on June 20.
Bitcoin reached a peak of $13,800 last week. However, it fell to $12,000 after trading sideways in the same range between June 28 and 29. During a mix of a bullish and bearish moment of bitcoin last week, Crypto exchange Coinbase experienced a brief outage on June 26, wherein its website and its API was rendered temporarily inaccessible, following a massive price drop of Bitcoin (BTC) with more than $1,700 in the span of 15 minutes.
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