CME: Average daily volume for Bitcoin futures grew 41% in Q3
Average daily volumes for Bitcoin futures trading saw a significant jump in Q3 compared to the last period, according to CME Group. Average daily volume hit 5,053 contracts in Q3, up 41% from 3,577 contracts in Q2. The figure also marks a 170% increase from the first quarter’s 1,854 contracts.
CME also provided data on open interest, which represents the total number of unsettled contracts held by those trading in the market. This figure grew from 1,523 contracts in the Q1 to 2,873 contracts in Q3, representing growth from Q2’s 2,405. Also, Tim McCourt, CME’s managing director and global head of equity products and alternative investments said “Out of the 40% of Bitcoin futures trading on CME that’s outside the US, 21% are coming from Asia.”
In Q3, Bitcoin futures average daily volume rose 41% and open interest was up 19% over Q2 . Learn how market participants are using BTC to manage risk in changing markets. https://t.co/Yt41SzsHku pic.twitter.com/Kw4OX0QaKT
— CMEGroup (@CMEGroup) October 17, 2018
BitMEX launches software client to compete with Bitcoin Core
The research arm of cryptocurrency trading platform BitMEX has announced that it will launch its own Bitcoin software client to compete with reference implementation and industry standard Bitcoin Core. Unveiled this week in a lengthy post discussing the merits of competing software clients, BitMEX Research said that it chose to release its own BTC client to help correct the misunderstanding that open-source software repository Bitcoin Core is in charge of the cryptocurrency’s development and “has the unique capability to change or prevent changes to Bitcoin’s consensus rules.”
BitMEX Research argues, it is users who should be the ones truly in charge of the cryptocurrency’s protocol rules. The group’s new client, named Bitcoin BitMEX Research, aims to reduce the network’s reliance on a single major software repository without introducing new risks to the ecosystem. “Since it is a software fork of Bitcoin Core, it carries none of the risks of not being bug for bug compatible, like Satoshi was concerned about,” the authors wrote. “The BitMEX Research client also doesn’t change Bitcoin’s consensus rules, so the concerns about contentious chainsplits do not apply. Therefore, if the Bitcoin Core repository gets hijacked or deleted, the codebase can still improve using the Bitcoin BitMEX Research repository.”
CFTC official warns smart contract designers over predictive code
Smart contract coders could be held liable if they knowingly use blockchain technology to create functions that are deemed as predictive “event contracts,” according to a US regulator. Brian Quintenz, a commissioner at the US Commodity and Futures Trading Commission, explained that blockchain protocols allow “individuals to create their own smart contracts predicting future events more broadly… Essentially, these contracts would allow individuals to bet on the outcome of future events, like sporting events or elections, using digital currency. If your prediction is right, the contract automatically pays you the winnings,” he said.
Quintenz went on to add that in hypothetical events of violations, he believes that smart contract coders who build such functionality on top of a blockchain network could potentially be held responsible and be prosecuted. “I think the appropriate question is whether these code developers could reasonably foresee, at the time they created the code, that it would likely be used by US persons in a manner violative of CFTC regulations,” he said. Hypothetically, he said, the code would have to be “specifically designed to enable the precise type of activity regulated by the CFTC, and no effort was made to preclude its availability to US persons.”
Apple pioneer Steve Wozniak has co-founded a blockchain investment firm
Steve Wozniak, the tech entrepreneur best known as the co-founder of Apple, has joined EQUI Global, a venture capital fund built using blockchain technology, as a co-founder. Wozniak said that he will scout for technology companies to find the “tech stars” of the future. He also said that he receives innovative pitches regularly; however, this is the first time, after Apple, that he has agreed to join a company.
The “open-ended” EQUI fund will focus on non-institutional investors and tech companies, with only 20% set aside for non-tech companies such as real estate and investment collectibles. Wozniak said that he believes firms like EQUI will disrupt the VC industry and allow other companies to follow the new model based on blockchain technology.
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