The CME Group Inc. (Chicago Mercantile Exchange & Chicago Board of Trade) is the world’s largest derivatives exchange.
They offer futures contracts on a wide range of assets, including commodities, equity indexes, foreign exchange, and cryptocurrencies. The CME Group launched their Bitcoin futures contract on December 18, 2017.
So, when does the CME Bitcoin contract open? The answer may surprise you.
The CME Bitcoin contract is a cash-settled contract that tracks the price of Bitcoin on the Gemini exchange. The contract unit is 5 Bitcoin, meaning that each contract is worth $25,000 (as of writing this article).
The contract is traded in US dollars and can be settled in US dollars or in Bitcoin.
NOTE: This warning note is to alert you to the risks of trading in cryptocurrency markets, such as CME Bitcoin. Cryptocurrency investments can be highly volatile and involve significant risks. Before trading in these markets, it is important for you to understand the risks associated with them and ensure that you have sufficient knowledge and experience to make informed decisions. You should not invest more than you are prepared to lose and always seek independent advice before investing.
The CME Bitcoin contract is open for trading Sunday through Friday from 5:00 p.m. to 4:00 p. CT (Central Time). However, the trading day for the CME Bitcoin contract actually begins at 3:00 p. CT on Sunday.
This is because the Gemini exchange, which the CME contract tracks, is based in New York City and observes Eastern Time. So, when it is 3:00 p. CT on Sunday, it is also 4:00 p. ET on Sunday on the Gemini exchange.
The CME Bitcoin contract is one of the few financial instruments that are open for trading on a Sunday. Most markets are closed on Sundays, with the exception of a few select markets such as the Forex market and some cryptocurrency exchanges.
The fact that the CME offers a Bitcoin futures contract that can be traded on a Sunday highlights the growing popularity and legitimacy of cryptocurrencies.
The bottom line is that the CME Bitcoin futures contract opens for trading at 3:00 p. CT on Sundays and closes at 4:00 p.
CT on Fridays. However, due to the time difference between Chicago and New York City, the actual trading day for the CME Bitcoin contract begins at 4:00 p. ET on Sundays on the Gemini exchange.
9 Related Question Answers Found
The answer may surprise you. CME Bitcoin Futures close at 4:00 pm Central Time on the last Friday of every month. This is one hour earlier than the close of regular futures contracts on other exchanges.
When CME bitcoin futures expire, the holder of the contract is obliged to deliver the underlying asset, cash-settled in US dollars, to the exchange on the specified delivery date. The settlement price is calculated using a price index, with the final settlement price being published by 4:00 p.m. London time on the last trading day.
On December 18, 2017, the Chicago Mercantile Exchange (CME) launched bitcoin futures. This was a watershed moment for cryptocurrency as it was the first time that a major financial institution offered investors a regulated way to bet on the future price of bitcoin. The launch of bitcoin futures by the CME was seen as a major step forward in the mainstream adoption of cryptocurrency.
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In October 2008, an individual or group of individuals operating under the pseudonym “Satoshi Nakamoto” published a white paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System.” This paper detailed the mechanics of a decentralized digital currency system that would enable online payments to be sent directly from one party to another without the need for a central authority. In the years since, the Bitcoin network has come to be used for a variety of purposes beyond simply transferring value from one person to another. Today, there is no single entity that controls the Bitcoin network.
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto, and started in 2009 when its source code was released as open-source software.
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Bitcoin reached $1 on November 28, 2017. This was the result of a long and gradual process, as the price of Bitcoin slowly but steadily climbed over the years. It took nearly eight years for the price to finally reach this milestone, but it was well worth the wait for those who had invested in Bitcoin early on.
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