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- The Bitcoin futures that are right now being traded on the CME or Chicago Mercantile Exchange are seeing a steep decline in their premiums.
- On the Chicago Mercantile Exchange, all the Bitcoin futures contracts that are expiring at the end of march 2019 have gone up by a paltry 0.6 percent.
The wall Street is also running on Bitcoin and not only on the S&P500; and with the equity and bond market being torn down by the fear of Covid-19, the Bitcoin is looking at its premiums drop.
The Bitcoin futures that are right now being traded on the CME or Chicago Mercantile Exchange are seeing a steep decline in their premiums. The premium for the Bitcoin futures that are being traded on the Chicago Mercantile Exchange based on monthly, quarterly and half-yearly basis have started to drop in relation to their week to week average of premiums.
On the Chicago Mercantile Exchange, all the Bitcoin futures contracts that are expiring at the end of march 2019 have gone up by a paltry 0.6 percent. In contrast, the unregulated exchanges have shown a premium of 1.19 percent.
Even after the Bitcoin blocks halving up, which is marking an incline in the price, owing to the reduction in the block rewards. In June of 2020, the contracts are expected to go down to 2.71 percent and 3.29 percent on the Chicago Mercantile Exchange and the other exchanges as well.
The report by Arcane has noted that the premiums on the quarterly contracts saw a very big drop. The report said that just two weeks ago the premium rates for March were equally high as the premiums for June are high right now.
The report also said that the recent pullback in the price had hit premium rates hard and that only time can now tell if this is just an overreaction or if it is real and that the traders are truly less bullish in their strategy for the months coming up.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
