Bitcoin CME Futures Volume Plunge in Tandem With the Market Meltdown, Coinbase CEO Stays Bullish

Bitcoin CME futures contracts, which became operational in December 2017, have registered above-$1 billion daily volume just thrice. One such time was June 2019, followed sequentially by February 18, 2020, in which above-$1 billion daily volume was recorded. CME futures had traded $1.1 billion in volume hitting a multi-month high.

This is not far-fetched as in the past few weeks; Bitcoin had suffered immensely from the activity of the bears. At the time of this report, Bitcoin is trading marginally down below 2% at its recent price of $8,700, plunging markedly from its daily highs of $8,900 when the bulls struggled to reclaim above $9,000 key level.

Bitcoin became pressured as it experienced a strong rejection at $9,000 level which traders saw as a sign of a near term weakness. In a major sell-off, the view of Bitcoin as a safe-haven seemed blurry to investors who regarded it as a risk on investment instead.

Bitcoin posting bear-favoring moments saw volumes on Bitcoin’s CME futures plunge significantly, indicating uncertainty in the minds of the investors for the crypto asset’s next price movement. In a correlatable trend, most traders and analysts have resorted to taking a cue of its mid-term price movement from the global market trend.

Coinbase CEO Believes Bitcoin’s Safe-Haven Status Holds Sway

However Coinbase CEO, Brian Armstrong believes Bitcoin’s safe-haven status holds sway.

He believes that although the global stock market meltdown was in place, Bitcoin will experience a buoy this year coupled with moves taken by various countries to pump liquidity into the economy through quantitative easing and money printing.

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