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CME prepares to launch Bitcoin spot trading, challenging Binance’s dominance

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CME gears up to launch spot Bitcoin trading, challenging Binance’s dominance

O Chicago Mercantile Exchange (CME) is preparing to present the spot Bitcoin trading, responding to growing demand for Wall Street’s leading digital asset, the Financial Times reported on May 16th.

CME is the world biggest BTC futures trading medium and is in talks with crypto traders to establish a regulated market for BTC spot trading. The platform is expected to operate through EBS, a Swiss currency trading platform known for its strict regulations on trading crypto assets.

The introduction of spot trading for BTC on the CME would allow traders to participate in basic trading. This trading strategy aims to profit from the small price differences present in futures contracts and the underlying spot BTC.

While details of the trading platform have not yet been finalized, CME’s potential entry emphasizes the continued interest of Wall Street’s top players in the crypto sector.

This development follows the recommendation of the SEC approval of spot Bitcoin exchange-traded funds (ETFs) in January, signaling the growing acceptance and integration of digital assets into traditional financial markets.

Recent SEC filings from several Wall Street financial institutions such as Morgan Stanley and Millennium Management, reveal that many of these companies have exposure to crypto-related investment products. Vetle Lunde, Senior Analyst at K33 Research he said.

“According to 13F reports, 937 professional firms were invested in US spot ETFs as of March 31. In comparison, gold ETFs had 95 professional companies invested in in the first quarter (Bitwise). Retail has the majority of the float. Professional investors held exposure of $11.06 billion at the end of the first quarter, representing 18.7% of BTC ETF AUM.”

Meanwhile, CME’s entry into Bitcoin spot trading could pose significant competition to Binancethe largest crypto exchange by trading volume, which is currently facing regulatory scrutiny around the world. Binance was the leading Bitcoin futures platform worldwide before the rise in CME activity.

According to Kaiko dataBinance accounts for 56% of BTC spot trades, followed by Coinbase and Bybit with 10.1% and 10.5%, respectively.

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Bitcoin

Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token

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Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token

Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.

The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.

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‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump

Financial Block Staff

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'This is huge' — Billionaire Mark Cuban issues 'incredible' Bitcoin and crypto prediction amid price slump

Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.

Subscribe now to Forbes CryptoAsset and Blockchain Consultant and “discover blockchain blockbusters poised to generate 1,000%+ gains” after the bitcoin halving earthquake!

The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.

Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.

Sign up for free CryptoCodex nowA daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market

ForbesElon Musk Suddenly Breaks His Silence On Bitcoin After Issuing Shocking Warning Of US Dollar “Doom” That Could Trigger Cryptocurrency Price BoomBy Billy Bambrough

Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.

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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.

“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.

“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”

John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”

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ForbesCryptocurrencies Are Suddenly Bracing For A ‘Very Major’ U-Turn In China After Wild Price Swings For Bitcoin, Ethereum, XRPBy Billy Bambrough

Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.

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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.

According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”

The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.

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Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise

Financial Block Staff

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Bitcoin Mining Profitability Surges in June as Market Adjusts for Halving: Jefferies

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CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin

Financial Block Staff

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Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin

At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.

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