Futures Don't Affect BTC Price, CME Group Says

This is said by company's Managing Director and Head of Securities and Alternative Investments at Consensus Singapore 2018 conference
20 September 2018   1882

According to Tim McCourt, Managing Director and Head of Securities and Alternative Investments of the Chicago Mercantile Exchange (CME), bitcoin futures do not exert pressure on the price of the first cryptocurrency. He said this during the Consensus Singapore 2018 conference, CoinDesk reports.

We are just a small part of the market. Out of the 40 percent of bitcoin futures trading on CME that's outside the U.S., 21 percent are coming from Asia.

Tim McCourt
Managing Director and Head of Securities and Alternative Investments, Chicago Mercantile Exchange

He added that CME launched cryptocurrency derivatives in response to the demand of market participants. The users wanted to get a comfortable financial instrument with risk control on a regulated exchange.

Tim McCourt also noted that the market for bitcoin futures continues to grow, and this is particularly noticeable in terms of volumes in the Asian markets. According to him, trading activity in the hours before the opening of the US market has a tangible impact on the price of bitcoin futures.

It is worth reminding that in July CME Group head said that company doesn't plan to add altcoin futures.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   318

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.


People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.