Chicago Mercantile Exchange (CME), the prominent Bitcoin futures platform, has announced its plans to introduce spot trading of the largest cryptocurrency in response to growing demand. This move is seen as a strategic push to compete with major exchanges like Binance and Coinbase. CME has reportedly engaged in discussions with traders about the possibility of trading Bitcoin on a regulated market. It is speculated that the spot trading on CME will be facilitated through the EBS platform in Switzerland. This new addition to CME’s offerings aims to strengthen its dominance in the cryptocurrency industry, complementing its existing standard contracts and micro futures. Currently, CME is regarded as the leading Bitcoin futures exchange in terms of open interest. In contrast, Binance, the largest global cryptocurrency exchange, dominates the spot market but operates offshore and without regulation. Coinbase, on the other hand, ranks third in terms of daily trading volume among exchanges. Bitcoin’s price has been on the rise, recently surpassing $66,000, and continues to exhibit bullish signals. At the time of writing, the price of Bitcoin stands at $65,917.69, representing a 2.9% increase in the last 24 hours. The cryptocurrency has experienced a 7.2% price increase over the past week. It is important to note that the opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing or trading in cryptocurrencies carries a risk of financial loss.
