© Reuters.
The Chicago Mercantile Exchange (CME) has overtaken Binance in futures open interest as the cryptocurrency’s value surpassed the $37,000 mark. This development indicates a broader acceptance of Bitcoin among institutional investors, with CME’s stringent regulatory adherence attracting heavyweight firms such as BlackRock Inc (NYSE:). and Fidelity Investments.
Analysts have highlighted the implications of this shift for the U.S. Securities and Exchange Commission (SEC), which has been cautious due to concerns about market depth and potential manipulation in the Bitcoin market. These issues have previously stalled the approval of spot Bitcoin ETFs.
In response to these concerns, the Chicago Board Options Exchange (CBOE) has resubmitted an application for a spot Bitcoin ETF, planning to proceed after establishing a surveillance-sharing agreement with Coinbase (NASDAQ:). This strategy aims to alleviate the SEC’s worries, particularly since Coinbase accounts for about half of the daily U.S. dollar to Bitcoin trading volume, according to data from Kaiko Research.
The broader crypto market is also showing signs of activity with Bitcoin (BTC), Ether (ETH), and (XRP) closing at $37,249, $ 2,078, and $0.67 respectively. The total cryptocurrency market capitalization reached $1.42 trillion. Terminal Price calculations suggest that Bitcoin’s next all-time high could potentially exceed $110,000.
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