The Chicago Mercantile Exchange Group derivatives market has launched trading in euro Bitcoin and euro Ether futures contracts.
In an announcement made Monday, CME Group said it had launched euro-denominated Bitcoin (BTC) and Ether (ETH) futures contracts, sized at 5 BTC and 50 ETH per contract.. Both contracts will be CME listed, cash settled and based on the CME CF Bitcoin-Euro benchmark rate and the CME CF Ether-Euro benchmark rate, respectively.
“Our new Bitcoin Euro and Ether Euro futures will provide institutional clients, both inside and outside the United States, with more accurate and regulated tools to trade and hedge exposure to the two largest cryptocurrencies by market capitalization.”said CME Group global head of equity and currency products Tim McCourt.
Initially announced on August 4, Euro-denominated ETH futures represent investment vehicles launched before the Fusion in which the Ethereum blockchain transitions to proof-of-stake, scheduled for September 10-20. Cointelegraph reported that countries in Europe, the Middle East, and Africa accounted for 28% of all BTC and ETH futures contract trading.
CME Group launched its first BTC futures contract in December 2017, followed by an ETH futures contract in February 2021. In 2022, the derivatives exchange expanded its offering of cryptocurrency investment vehicles to include BTC and ETH microfutures. The launch of euro-denominated BTC and ETH futures came as the euro was pegged to the US dollar—at press time, 1 euro is worth roughly 1 dollar.
According to data from Cointelegraph Markets Pro, the price of ETH is $1,509 at press time, having risen more than 3% in the last 24 hours. BTC price dipped below $20,000 on Sunday, hitting a 20-month low, but has since risen 2% to $20,342.
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