Bitcoin Futures Trading Volume Went up 41% in Q3, CME Reveals

The average daily trading volume (ADV) of bitcoin futures contracts on the Chicago Mercantile Exchange (CME) went up by 41% in the third quarter of this year, according to data from the exchange itself.

The data, published via Twitter, shows over 5,000 contacts (25,000 BTC) were traded, while adding that open interest (OI) – the amount of open contracts – has risen by 19% this quarter as the number of open contracts is of 2,870.

Although CME’s tweet shows bitcoin futures contracts trading volume has been growing, its growing at a slower pace than in the last quarter. Back in July, the exchange revealed Q2 saw an increase of 93% in average daily trading volume, and of 58% in OI.

The CME Group is notably one of the largest exchanges in the world. It launched bitcoin futures contracts late last year, on December 17, when most cryptocurrencies were close to their all-time highs and shortly after the Chicago Board Options Exchange (CBOE) launched BTC futures.

Cryptocurrency futures have become somewhat controversial, as a report published by the Wall Street Journal claimed a dispute between CME and four cryptocurrency exchange prompted the Commodities Futures Trading Commission (CTC) to probe crypto markets for potential manipulation.

Bitcoin bull Tom Lee, the founder of Fundstrat Global Advisors, has also argued that bitcoin futures contracts were to blame for the crypto market’s “gut-wrenching” drop, as he noticed “dramatic price changes around CBOE futures expirations.” The drop, which led to a months-long bear market, saw BTC futures volumes temporarily plummet.

Some speculate ether (ETH) futures may soon be coming to the CME and to the CBOE Futures Exchange (CFE), as the US Securities and Exchange Commission (SEC) declared the cryptocurrency isn’t seen as a security. While they may be coming, the popular exchange’s CEO, Terry Duffy, claimed it won’t add new crypto futures anytime soon.

Elsewhere, ether futures already exist as UK-based exchange Crypto Facilities launched the product this year. Coinfloor, another UK-based platform, launched physically settled bitcoin futures contracts in March of this year.

Travala’s Token AVA Jumps Following Announcement of Partnership with Expedia

Michael LaVere
  • Binance-backed cryptocurrency travel booking platform Travala has announced a partnership with Expedia Group.
  • Travala's native token AVA appreciated more than 20 percent following the announcement.

The Binance-backed travel booking website Travala has announced a new partnership with the online travel agency Expedia Group. 

According to a press release published July 6, Travala and Expedia have joined forces to offer consumers a frictionless cryptocurrency travel-booking experience. The release claims more than 700,000 Expedia Group hotels and accommodations have been made available via Travala.com, in addition to the platform’s existing 2 million hotels across 230 countries. 

Juan Otero, CEO and co-founder of Travala, said the new partnership reflected the rise in popularity for cryptocurrency. He also explained that consumer travel was on the rise following months of COVID-19 imposed shutdown. 

He said:

Our latest month-on-month data shows consumer confidence and the desire for travel is returning, with an 81% increase in room nights booked and website traffic up 50% week-on-week.

Binance CEO Changpeng Zhao said Travala had proven its ability “to build a world-class travel booking platform” and was excited by the partnership with Expedia. 

AVA, the native token for Travala, underwent a subsequent price increase following the announcement. As of writing, the coin has appreciated more than 20%. 

Altcoins Move up as Bitcoin Stalls

The AVA token is not the only in the cryptocurrency space growing exponentially so far this year. While the price of bitcoin has been range-bound moving between $9,000 and $10,000 since the beginning of May, various altcoins have been moving up.

Over the last 6 months, the price of BTC is up little over 13% according to CryptoCompare data, while other altcoins have been moving up. Most of these are related to the decentralized finance space, or to blockchains launching new products or announcing specific partnerships.

VeChan's VET, for example, surged after it was announced VeChain was attending the World Artificial Intelligence Conference 2020, hosted by the Shanghai Municipal People's Government. The conference will also be attended by Microsoft, Alibaba, Tencent, Huawei, and Amazon. One VET is changing hands for $0.0148, up from $0.,0055 in January.

As CryptoGlobe reported, Kyber Network's KNC tokens have risen over 650% year-to-date thanks to the upcoming Katalyst update, which will allow token holders to earn ETH rewards while participating in governance by staking their tokens. 

Another altcoin that moved up significantly is OKEx's OKB cryptocurrency. The token, which gives various advantages to the bitcoin exchange's users, is up 74% over the last six months, going from $2.78 to $5 at press time.

day_CryptoCompare_Index_OKB_USDT_231_11594045158429.pngSource: CryptoCompare

OKEx's OKB isn't tied to decentralized finance protocols, which Waves CEO Sasha Ivanov warned could be turning into the  next ICO bubble, but is instead tied to one of the leading crypto exchanges in the world. 

Decentralized finance protocol Aave has also seen the price of its LEND token surge so far this year. While in January the tokens were trading at $0.017, they are now $0.175 -- a 750% increase.

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