Derivatives market Chicago Mercantile Exchange Group launched trading in euro futures bitcoin and euro ether.
In an announcement on Monday, the CME Group said it launched euro-denominated bitcoin (BTC) and ether (ETH) futures with an amount of 5 BTC and 50 ETH per contract. Both contracts will be listed on the CME, settled in cash and based on the CME CF Bitcoin-Euro benchmark rate and the CME CF Ether-Euro benchmark rate, respectively.
Tim McCourt, Global Head of Equity and FX Products at CME Group said:
“Our new Bitcoin-Euro and Ether-Euro futures contracts will provide institutional clients, 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 . »
First announced on August 4th, euro-denominated ETH futures represent investment instruments launched prior to the Merger, during which the Ethereum blockchain will transition to proofs scheduled between September 10th and September 20th. According to Cointelegraph, countries in Europe, the Middle East and Africa accounted for 28% of all BTC and ETH futures trading.
Also read: CME Group plans to launch options on ETH futures ahead of The Merge
CME Group launched its first BTC futures contract in December 2017, followed by an ETH futures contract in February 2021. In 2022, the exchange expanded its derivative offering for cryptocurrency investment vehicles to include contracts for micro term BTC and ETH included. The launch of BTC and ETH futures denominated in euros came as the euro remained on par with the US dollar at press time, worth about 1 dollar 1 euro.
According to data from Cointelegraph Markets Pro, the price of ETH is $1,509 at press time, after rising more than 3% in the last 24 hours. The price of BTC fell below $20,000 on Sunday, hitting a 20-month low, but has since risen 2% to $20,342.
