Bitcoin Volumes Swell as Crypto Goes Mainstream

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Bitcoin had its busiest day ever on financial exchanges yesterday as a second major product rolled out.

CME’s futures (symbol BTC) had volume of more than 1,000 in their first session of trading. Each contract controls 5 coins, which translates into a notion value of 5,000 Bitcoins.

Cboe’s product (symbol XBT), which represents a single coin, turned over more than 3,800 times — its most active day aside from launch. Combining BTC and XBT, futures accounted for about 8,800 of underlying coins on Monday. That tallies up to over $165 million, based on the index price around $18,800.

Be sure to visit TradeStation University’s Cryptocurrencies page for more.

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David Russell is VP of Content Strategy at TradeStation. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them appraised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.