Bitcoin Price Rallies 3.7% to Hit 2-Month High – CoinDesk

CoinDesk

The price of bitcoin (BTC) has risen once again after a successful launch of CME’s bitcoin options surpassed rival Bakkt on its BTC futures contracts in the first day of trade volume.

On Jan. 14 at around 00:30 UTC, the price of the world’s largest cryptocurrency by market value rose above an area of resistance that had stifled previous rallies near $8,200 for over a week beginning Jan. 7.

How To Get Free Crypto  

As of press time, BTC is changing hands at $8,413 after reaching its highest point in nearly two months at around $8,446, CoinDesk BPI data shows.

This comes several hours after the successful launch of Chicago-based derivatives exchange CME’s futures contracts for BTC, which surpassed rival Bakkt in reported volume within its first day of trading.

Global Head of crypto trading giant Cumberland, Chris Zuehlke said institutional investors are seeking traditional risk management tools to support greater entry into crypto.

“As with any new financial product, we expect volume will grow organically as investors get more comfortable trading it,” Zuehlke said.

Coinbase Banner  

An option on a futures contract gives a holder the right, but not the obligation, to buy or sell a specific futures contract at a strike price on or before the option’s expiration date.

Joshua Green, head of trading at cryptocurrency trading firm Digital Asset Capital Management, said the rise in BTC’s value was “nothing obvious” citing a potential short-squeeze.

“Maybe some negative gamma from spot moving through that strike (of $8,250) or people covering shorts that were put on in a notification of Chinese New Year sell-off,” Green said. 

Justin Chow, global head of business development at Cumberland said BTC’s recent rally was being led by altcoins, specifically BTC forks such as Bitcoin SV and Bitcoin Cash.

FreeBitcoin Banner  

“While the CME BTC Options launch corresponded to the move, BTC forked coins and other altcoins that have upcoming halvings are the strongest performers,” Chow said.

BSV and BCH are currently posting a 22.1 and 6.84 percent rise respectively over a 24-hour period.

Other notable cryptocurrencies are also up on BTC’s good fortune with ether and XRP both up 2.95 and 2.16 percent, respectively.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Go to Source
Author: Sebastian Sinclair


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.