Price of bitcoin gives a jump of 10% by liquidation of CME futures contracts | CryptoNews

Price of bitcoin gives a jump of 10% by liquidation of CME futures contracts | CryptoNews

The bitcoin price experienced a 10% rise during the night of this Friday, June 29 and its price went from $ 5,800 to about $ 6,466.51, according to the portal CoinMarketCap, which continues in real time the value of the most important cryptocurrencies in the market.

The reason could be attributed to the liquidation of the futures contracts of CME Group one of the largest financial derivatives markets on a global scale. In other portals such as Coinbase was also recorded the rise, after 10:00 at night, was almost 600 dollars.

Other cryptocurrencies such as ether, the second most important market according to to its volume of capitalization rose 8.32%, the same situation experienced the cryptocurrencies of Ripple (6.95%), Bitcoin Cash (15.91%) and EOS (9.69%).

Fluctuations in the price of bitcoin have been associated since last year with the introduction of forward contracts. As you will remember during 2017, the price of the main cryptocurrency market was above 4,000 dollars until the middle of the year.

CME announced on October 31 that it planned to launch the contracts to future for the month of December. That day the cryptocurrency had a historical maximum that reached up to $ 6,400.

The price continued to rise until December 17 it reached $ 20,000 ($ 19,206), it was the same day that was launched the bitcoin futures . With every announcement of CME Group, the price of cryptocurrencies is directly impacted which translates into spikes or vertiginous decreases in their quotation.

Last April bitcoin had an increase $ 1,000 in less than 1 hour, which caught the attention of bitcoiners. On that occasion the sudden jump represented 12% of the value of the cryptocurrency.

This June bitcoin reached a minimum that broke the barrier of the 6,000 dollars, which represented a low 70% compared to the price of December.

The bearish trend of bitcoin, which has been maintained since January, has taken a break at least for this Friday to strengthen its value among investors.

Featured image by Travis / stock.adobe.com

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