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Market Insights

Bitcoin volumes swell as crypto goes mainstream

By David Russell

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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