RATE Group | Bitcoin Price Awaits Possible Spoiler Ahead of July Futures Close
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Bitcoin Price Awaits Possible Spoiler Ahead of July Futures Close

25 Jul Bitcoin Price Awaits Possible Spoiler Ahead of July Futures Close

Posted at 17:39h in Bitcoin News by

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Bitcoin traders may have their eyes on a different kind of chart this week.

That’s because Friday, July 27 is the date that bitcoin futures contracts offered by derivatives giant CME Group are scheduled to expire. A financial product that lets institutions and professional traders long or short the crypto asset (betting on its future performance), history shows the price of bitcoin drops 7.89 percent on average in the five days prior to a contract expiration.

As such, data suggests the event could trigger a healthy pullback in prices for the cryptocurrency.

Still, other factors may be at play this time around. Investor interest in the bitcoin futures market is seeing substantial growth – perhaps best depicted by a tweet from the CME Group which stated that their bitcoin futures product was up 93 percent in volume and 58 percent in open interest in Q2.

CME futures continued their growth into Q3 including a record volume of contracts set this past Tuesday, equivalent to 64,390…

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