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).
Meridith McGraw, White House Reporter at The Wall Street Journal, breaks down Trump’s $200M ballroom plan, D.C. police tensions, and the future of MAGA.
After years of being told that red wine was good for heart health, more Americans appear to be heeding warnings that even moderate alcohol consumption can be unhealthy.
Amazon is now rolling out a service where its Prime members can order their blueberries and milk at the same time as their batteries and other basic items.
Dr. Richard Besser, President & CEO of the Robert Wood Johnson Foundation and former CDC acting director, unpacks the impact of RFK's mRNA funding cuts.
Jessica Inskip, Director of Investor Research at StockBrokers.com and host of MarketMakeHer, unpacks earnings, market outlook, and what history says is next.
Laura Desmond, CEO of Smartly, explores how Big Tech giants are competing for ad dollars in a shifting digital landscape and how Smartly is here to help.
