That means bitcoin options worth a total of 275 bitcoin - or about United States dollars 2.3 million - were traded on the first day. The news follows the company's initial plans, which were first announced in November 2019.
However, as the broader cryptocurrency sector attracts, regulated options are expected to boom as more sophisticated speculators jump into the fray.More news: Selena Gomez & Hailey Bieber Spotted At Same Restaurant, Drama Erupts
In the meantime, the new product will allow traders to use alternate strategies as well as allowing them to save on margins by using margin offsets.
The Crypto Futures market is growing significantly.
The Chicago Mercantile Exchange (CME) is happy with the results of its Bitcoin options trading product launch on January 13, according to CME Group's managing director and global head of equity index alternative investment products Tim McCourt.
Upon the announcement of the new product, McCourt expressed excitement at having brought this new risk management tool to the market.More news: Panthers LB Luke Kuechly retires at age 28
Since last week, the price of Bitcoin has risen 15% and the volume, according to one report from a cryptocurrency research firm, has almost doubled, boding well for bulls if momentum can be maintained. On Tuesday, the world's leading cryptocurrency hit a two-month high of US$8,745, rocketing 8% in just under 24 hours. Bitcoin's relative correlation to gold compared with other crypto assets should be a trend to watch throughout 2020, according to Forbes.
Binance-supported derivative platform FTX announced on Sunday that it has launched its own bitcoin option contracts.
Not only this, Bakkt simultaneously launched its BTC options with its futures contracts, while taking a page out of its parent firm's playbook and diversifying the list of its products.More news: Democrats release new documents on eve of impeachment trial