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    Home » Crypto News » CME Group Bitcoin Futures Contract Expire Today, BTC Price Pushes Ahead

    CME Group Bitcoin Futures Contract Expire Today, BTC Price Pushes Ahead

    Author: George Georgiev

    Last Updated Aug 29, 2021 @ 11:00

    The monthly Bitcoin Futures Contracts of CME Group are set to expire today, as it’s the last trading Friday of the month. With the recent volatility, the volume of BTC futures contracts has also been on the rise at CME, as it hits the highest number in the last month. Meanwhile, Bitcoin has been on the rise in the past 24 hours just before the contracts are about to expire.

    CME Group Bitcoin Futures To Expire Today

    According to the contract specifications, the cash-settled Bitcoin Futures on CME are about to expire today, November 29th, because it’s the last trading day of the month.

    Each contract contains 5 BTC and they are settled monthly. Interestingly, the volume of CME Bitcoin Futures contract has also been increasing throughout the past few days and it reached its monthly high on November 27th.

    CME Volume
    CME Bitcoin Futures Contract Volume. Source: cmegroup.com

    Looking at Bitcoin’s price performance throughout this volatile month of November, we can see that in a lot of cases, the sudden spikes in the price also lead to an increase in the volume of the Bitcoin Futures Contracts traded on CME.

    Bitcoin’s Price Surges In Anticipation

    In the past couple of days alone, Bitcoin has managed to gain almost $1,000 to its dollar value. On Wednesday, the cryptocurrency dropped to about $6,850 but is now trading at $7,750, having peaked at about $7,800.

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    BTCUSD TradingView
    BTC/USD. Source: TradingView

    Interestingly enough, it’s not just Bitcoin that’s having a good couple of days. All the other major cryptocurrencies are also trading in the green, as BTC Dominance stands flat at around 66.7% for the past few days.

    It’s interesting to see whether or not the expiry and settlement of the Bitcoin monthly futures contracts on CME would have any impact on the price. As Cryptopotato reported, the inverse head and shoulders pattern has granted Bitcoin a further target of $8,300. While it’s unsure if it will reach it or not, the settings look healthy so far.

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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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