Over the past few months, the Chicago Board of Exchange (Cboe) and the Chicago Mercantile Exchange (CME Group) have been selling bitcoin-based futures products. Predictions have been dull as most forecasts are around the $9-9.4K USD range for bitcoin derivatives using both firms’ futures data. On the other hand, crypto-derivatives trade volumes have been increasing.
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bitcoin Futures See an Increase in Volume But Crypto-Derivatives Markets Have Been Lackluster
have seen some monotonous forecasts because they really haven’t been much different than spot markets. This week marks the March expiry date for Cboe’s bitcoin derivatives on Wednesday, and products are trading between . CME’s contracts will expire this month as well and forecasts there are also around .
CME contracts at the end of the day Chicago time, March 13.
Cboe contracts are seeing the most volume for March and the following three months later. CME Group’s numbers have been relatively consistent at 1,000 per day, but the month of May has zero volume at the time of publication. The sentiment across both derivatives markets show that currently, all the past hype about bitcoin futures markets affecting spot markets turned out to be incredibly lackluster.
CME bitcoin futures trade volume.
However, Cboe’s contracts have seen significant volume especially this month as the March expiry will close above 10,978 for the daily volume. April has 1 has a 24-hour volume of 517, May – 90, and June – 88. The projections for Cboe’s futures in June show an increase of 330 percent and a price at $9,250 per XBT. CME Group’s products are not as popular but still have been consistent 1,000+ per day. Right now the firm’s March expiry is 3,288, April is 78, May – 0, and June shows only 10. The last month’s expiry for CME Group’s bitcoin futures shows an increase of 410 percent and a price around $9,370.
BTC/USD futures and spot markets have been almost identical.
Does a Market Operating 24-7 Mix With Traditional Futures Trading?
Skeptics believe futures traders and traditional exchanges cannot grasp the wild fluctuations that take place in a market that never stops. Even though bitcoin futures products haven’t produced the fervent action many speculators thought, Terry Duffy, the chief executive of CME is not worried. Speaking in a recent earnings call, Duffy said the bitcoin derivatives market maturation would be lead-footed.
“It’s [bitcoin futures markets] going to be a slow grower, which is fine,” .
Further CME Group’s margin investors must pay 40 percent on contracts (Cboe 44% of the BTC/USD price). This means most margins are single digits, and some people have suggested reducing the margin. This kind of development could introduce risk, and according to Duffy that type of strategic move is “the last thing” he would want to do right now.
What do you think about the past few months of bitcoin futures markets? Let us know what you think about this subject in the comments below.
Images via Shutterstock, Pixabay, CME, and Cboe charts.
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The largest search engine on the planet, Google, announced formally it will restrict advertisement of “Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice),” including aggregators and affiliates regarding “cryptocurrencies and related content.”
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Google Crypto Ad Ban Confirmed
Just days ago, these pages “anecdotal reports of several companies operating in the initial coin offering (ICO) industry, Google is taking steps to restrict the visibility of ICO advertising on its platforms.” As of March 13th, however, Google published , announcing it “will update the Financial services policy to restrict the advertisement of” cryptocurrencies and related content. The policy will be implemented by June of this year. By restrict, it appears some of those ads banned might be able to ultimately advertise with Google by getting certified.
To advertise through Adwords, advertisers will need to: “Be licensed by the relevant financial services authority in the country or countries they are targeting; Ensure their ads and landing pages comply with all Adwords policies; Comply with relevant legal requirements, including those related to complex speculative financial products; Advertisers can request certification with Google starting March 2018 when the application form is published. This policy will apply globally to all accounts that advertise these financial products.”
Their policy comes mere weeks after Facebook announced, as by News.bitcoin.com, “As of a new ruling issued on January 30, ‘ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency.’”
The economy for online advertisers is a competitive one, and Facebook/Google carve up the lion’s share of that market. Advertisers have long understood negative experiences with shady ads, malware driven links, and so forth sour user experience and thereby chip away at legitimate ads.
“Bad Ads” a Constant Problem
The search giant metrics for cleaning up its “bad ads” problem. Last year, they zapped more than three billion ads, almost twice that of 2016. “We blocked 79 million ads in our network for attempting to send people to malware-laden sites, and removed 400,000 of these unsafe sites last year. And, we removed 66 million ‘trick-to-click’ ads as well as 48 million ads that were attempting to get users to install unwanted software,” the company stressed.
“We’re constantly updating our policies,” the post explained, “as we see new threats emerge. Last year, we added 28 new advertiser policies and 20 new publisher policies to combat new threats and improve the ads experience online. This year, we updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs).”
Scoldingly, the post revealed, “Many website owners use our advertising platforms, like AdSense, to run Google ads on their sites and content and make money. We paid $12.6 billion to publishing partners in our ad network last year. But in order to make money from Google ads, you have to play by rules— that means respecting the user experience more than the ads.”
In 2017, the company closed-in on 100 billion USD in ad-related business, 20 percent more than the year prior. The danger for many crypto enthusiasts is with the influence Google has on the broader ecosystem. Many worry such a wide net cast might inadvertently scoop up crypto businesses and operations acting legitimately.
What do you think about Google’s ban? Let us know in the comments!
Images via Pixabay, Google.
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