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Bank Of America Supposedly Gives Approval For Bitcoin Futures Trading

A recent development in the crypto industry shows that clients of the second-largest bank in America can now engage in Bitcoin futures trading.

The sources of this information stated their preference to remain anonymous. But they disclosed that the bank is allowing some of its clients to trade BTC Futures.

Bitcoin Futures Trading

There has been a lot of competition in the industry on Bitcoin Futures Trading. Bitcoin Futures are known in the market as “Derivative Products” that serve as a contract. It is a commitment between the different parties that agrees to sell or buy a particular asset on an agreed future price and date.

Related Reading | The Digital Yuan Of China To Integrate Smart Contracts

This agreement typically tracks the price of an underlying asset which is usually a digital token. Thus, futures enables users to bet on an asset price.

Sometimes, participants in the contract can go for short or long positions. Those traders who take the long position will usually sign to buy an asset on a particular date. Once the date arrives, the parties settle and close the contract.

Daily chart shows that BTC might touch the 35k mark | Source: BTCUSD on TradingView.com

This investment option has become very important as a way for institutional investors to engage actively in crypto. The reason is that the ongoing regulatory issues surrounding crypto have made it unattractive for institutional investors to hold Bitcoin directly.

So, Bitcoin futures is a way for them to engage with BTC and many other cryptos in the market. By coming through futures, these investors can indirectly hold any crypto through its underlying asset. ‘

There has been a lot of interest in Bitcoin futures. Many investors are actively engaging in the trade on platforms where it is legal.

Related Reading | Binance Bitcoin Open Interest Surges Despite Legal Scrutiny

For instance, the “Chicago Me...

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