Bitcoin surges past $24,000 on CME launch of BTC event contracts

On Mar. 13, American derivatives marketplace CME announced the motorboat of Bitcoin (BTC) futures lawsuit contracts. The exchange, which is afloat regulated and has cleared administrative review, volition henceforth facilitate cash-settled, regular expiring contracts tied to Bitcoin futures with a "lower-cost mode for investors to commercialized their views connected the up oregon down terms moves of bitcoin." Tim McCourt, planetary caput of equity and FX products astatine CME Group, commented:

Our caller lawsuit contracts connected Bitcoin futures supply a limited-risk, highly transparent mode for a wide scope of investors to entree the bitcoin marketplace via a afloat regulated exchange. These cash-settled, regular expiring contracts volition further complement our existing suite  which person traded much than 550,000 contracts to-date.

On Mar. 10, Cointelegraph reported that plus manager VanEck's spot Bitcoin spot exertion was denied by the U.S. Securities and Exchange Commission (SEC). The commissioners noted that the SEC had denied each exertion for a spot Bitcoin spot that has been filed, amounting to astir 20 implicit the past six years.

Days prior, integer currency absorption steadfast Grayscale published a transcript related to its ongoing suit with the SEC implicit the denial of its Grayscale Bitcoin Trust (GBTC) to beryllium converted into an exchange-traded fund. According to the transcript, justice Neomi Rao commented:

"Because it seems to maine that these things, I mean, you know, 1 is conscionable fundamentally a derivative of the other. They determination unneurotic 99.9% of the time. So where’s the spread successful the Commission’s view?"

Currently, GBTC is trading astatine a discount of 38.19% to nett plus value, up from a historical debased of 50%. The firm's litigation with the SEC is ongoing.