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Bitcoin Price Rallies 3.7 Percent to Hit Two-Month High
The price of bitcoin (BTC) has risen once again after a successful launch of CME’s bitcoin options.
Updated Sep 14, 2021, 1:51 p.m. Published Jan 14, 2020, 3:26 a.m.
The price of has risen once again after a successful launch of CME’s bitcoin options surpassed rival Bakkt on its BTC futures contracts in the first day of trade volume.
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On Jan. 14 at around 00:30 UTC, the price of the world’s largest cryptocurrency by market value rose above an area of resistance that had stifled previous rallies near $8,200 for over a week beginning Jan. 7.
As of press time, BTC is changing hands at $8,413 after reaching its highest point in nearly two months at around $8,446, CoinDesk BPI data shows.
This comes several hours after the successful launch of Chicago-based derivatives exchange CME’s futures contracts for BTC, which surpassed rival Bakkt in reported volume within its first day of trading.
Global Head of crypto trading giant Cumberland, Chris Zuehlke said institutional investors are seeking traditional risk management tools to support greater entry into crypto.
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“As with any new financial product, we expect volume will grow organically as investors get more comfortable trading it,” Zuehlke said.
An option on a futures contract gives a holder the right, but not the obligation, to buy or sell a specific futures contract at a strike price on or before the option's expiration date.
Joshua Green, head of trading at cryptocurrency trading firm Digital Asset Capital Management, said the rise in BTC’s value was “nothing obvious” citing a potential short-squeeze.
“Maybe some negative gamma from spot moving through that strike (of $8,250) or people covering shorts that were put on in a notification of Chinese New Year sell-off,” Green said.
Justin Chow, global head of business development at Cumberland said BTC's recent rally was being led by altcoins, specifically BTC forks such as Bitcoin SV and Bitcoin Cash.
"While the CME BTC Options launch corresponded to the move, BTC forked coins and other altcoins that have upcoming halvings are the strongest performers," Chow said.
BSV and BCH are currently posting a 22.1 and 6.84 percent rise respectively over a 24-hour period.
Other notable cryptocurrencies are also up on BTC’s good fortune with ether and XRP both up 2.95 and 2.16 percent, respectively.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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