The Brazilian Stock Exchange B3 has opened its first trading day after announcing its plan to offer Bitcoin futures. This is a major milestone for the exchange. trading Bitcoin futures.
B3 Bitcoin futures sees a surge in demand
Following its launch of Bitcoin futures on April 17B3 saw a huge surge of interest and demand from crypto enthusiasts who were eager to trade newly-listed Bitcoin futures. Stock exchange reported On the first trading day of Bitcoin Futures, over 7,400 contracts were traded.
The unprecedented volume of trading highlights investors’ strong interest in cryptocurrency derivatives As well as an increasing demand among Brazilian cryptocurrency enthusiasts and traders for BTC.
B3 has revealed that its Bitcoin exchange had 111,000 trades or buy/sell orders. Marcos Skistymas stated that there was a high level of participation on the market for the recently launched contracts. He also said the increased demand is due to B3 launching its first-ever Bitcoin contract. derivative linked to a cryptocurrency.
It is an important step in the direction of expanding its services to better meet user needs. Skistymas also stated that the response of the Bitcoin futures recently listed was overwhelming positive. This reflects a large potential for the contracts in the marketplace. Brazilian market.
BTC Futures Can Act As An Hedge Against Volatility
Skistymas stated that Bitcoin futures are a lucrative investment. “suitable instrument” It could provide Brazilian investors with a tool to help manage the multiple risks that come along with Bitcoin. Bitcoin’s price fluctuations.
A Bitcoin future, to be more clear, is a contract that investors make to wager on the price of Bitcoin in the future. This allows them to gain exposure to Bitcoin, without having to buy it. The Given btc’s high volatility Price fluctuations in certain market conditions predicting the price of the cryptocurrency It can be difficult to get it right. A small number of investors and crypto analysts have been able to accurately predict Bitcoin’s price movement.
BTC prices soared at the beginning of 2018 from under $50,000 to over $100,000. all-time high In March 2024, the cryptocurrency is expected to reach a value of $75,000 or more. As I write this, Bitcoin is currently trading at $66129. major price correction According to CoinMarketCap, Bitcoin has fallen by 0.09% in the last month.
No matter what BTC’s unpredictability The launch of Bitcoin Futures on B3 could bring in more than just price fluctuations. new era of adoption among Brazilian investorsThese regulated securities offer them new opportunities for diversification of their portfolios. financial instruments.
source:| Source: BTCUSD on Tradingview.com
Chart from Tradingview.com, Featured Image from Business Post Nigeria
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