Today is the day when the Bitcoin futures by Chicago Mercantile Exchange (CME) lapses. The derivatives giant, CME group enables the expert and institutional traders to long or short on Bitcoin. Recently, CME has announced that Bitcoin futures have hit the record volume as the bitcoin bull rally went on full force. This record-breaking was 12,878 contracts that added up to about $530 million around then.
As it always happens, at whatever point bitcoin futures lapse date comes into action, the price of bitcoin takes a drop of around 6 to 8 percent. In spite of the fact that the expectation of expiration date begins influencing the bitcoin price days before the last day, this time the prices took a hit today.
Since a week ago, the Bitcoin price has been on a steady upward movement. It crossed the $8,000 level first time in two months and recorded highest BTC dominance of this current week. However, today, Bitcoin price began its descending slide and dipped under the $8k mark. At the time of writing, it has been trading at $7,868.
The drop in bitcoin price has been attributed to the dismissal of Winklevoss’ Bitcoin ETF second time by SEC. Yet, looks like the Bitcoin futures lapse date at long last got up to speed today. As a rule, bitcoin futures’ expiration begins setting off the price drop around five days ahead of time. However, this time as bulls were completely charged and the price didn’t mirror any changes, it has been expected that the price won’t get affected all things considered.
But today, bitcoin dropped down approximately 4.22 percent and altcoins took a slip as well in tandem with bitcoin. Past data has suggested a healthy pullback in bitcoin prices. So, the prices can be expected to further fall down.