Bitcoin prices plunged on Friday, and the CME briefly halted trading on the cryptocurrency’s newly-launched futures in the morning.
But one executive at the exchange says he’s “agnostic” to what the price is doing.
“Whether the talk is about the price of Bitcoin, or the enthusiasm of Bitcoin, those are all great things that make for interesting chatter and interesting topics of conversation,” Tim McCourt, Global Head of Equities and Alternative Investments at the CME, said. “But as an exchange operator we want to make sure that our customers have what they need to manage their risk, to access the process, and do so efficiently in a transparent manner. And that really isn’t necessarily a function of price, or any type of hype that’s going on in the underlying market.”
McCourt joined Cheddar the day after the world’s largest futures exchange started offering the contracts. The launch over the weekend came when Bitcoin prices were approaching $20,000. But by Friday, the digital asset was trading about 40 percent lower around $12,500.
And it wasn’t the only cryptocurrency falling. Crypto news and data resource Coindesk notes that 20 different options were down more than 20 percent over a 24-hour period on Friday. Some experts say that more exchanges getting into the sector will introduce more volatility.
For full interview [click here](https://cheddar.com/videos/cme-group-launches-bitcoin-futures-2).
Ben Soffer, aka @boywithnojob, discusses his journey from social media influencer to entrepreneur and why he wanted to enter the competitive drink space. Watch!
StockstoTrade.com Technical Trainer, Tim Bohen, discusses why he thinks Trump is doing what he is doing and how it will affect the market going forward.
Jacob Sonenshine, Stock Pick Writer at Barron's, unpacks the current state of the markets, Trump's tariffs and if more volatility is on the way. Watch!
RedFin's Chen Zhao joins Cheddar to breakdown the current state of the housing market in the United States and what prospective homebuyers need to know. Watch!
That's what his former Commerce secretary says in this interview. Plus: IRS audits, TV news ratings, nasty insults, Minecraft, Prada, and the Panama Canal.
