JPMorgan Could Launch CME Bitcoin Options Soon

14 Janvier, 2020, 13:39 | Auteur: Auguste Feret
  • New CME Bitcoin Options Spark ‘Unusually Strong Activity’ — JPMorgan

JP Morgan Chase bank, the largest bank in the United States with total assets of US$2.765 trillion, has stated that it anticipates good response to CME Group's Bitcoin (BTC) options trading when it is launched for clients on January 13.

Intercontinental exchange's Bakkt has already launched options last month but the volumes and open interest on them have been "rather small", wrote JPMorgan's strategists led by Nikolaos Panigirtzoglou in a note on January 10. Given the dominance of CME in trading Bitcoin futures on regulated exchanges, this new offering may change things, they said.

Panigirtzoglou said there "has been a step increase in the activity of the underlying CME futures contract", in the days leading up to the launch of options trading, culminating in a 69 percent increase from the end of 2019.

As reported, CME Group is adding bitcoin options based on its existing bitcoin futures contracts. When ICE debuted its physically settled futures contracts, Bakkt in September the prices fell that time too.

Data from CME's official website confirmed the successful rollout on January 13, which began as scheduled and ultimately saw 55 contracts change hands.

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Bitcoin was up 2.1 per cent to $8,209.42 as of 11am in Hong Kong, according to Bitstamp pricing, near its highest levels since mid-November.

The JP Morgan report also states the intrinsic value for bitcoin has been on a steady rise for a while now but always at a threshold below the market price. But "the gap has not yet fully closed, suggesting some downside risk remains".

Since last week, the price of Bitcoin has risen 15% and the volume, according to one report from a cryptocurrency research firm, has almost doubled, boding well for bulls if momentum can be maintained.

The investment banking giant calculates the intrinsic value of bitcoin by treating it as a commodity and looking at the marginal cost of production including computational power employed and electricity cost, per the report. We hope that we have succeeded by giving you the full details and information.

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