Bitcoin (BTC) futures hit $ 20,000 on December 1, when permanent highs finally began to transform into a new price era for BTC / USD.
TradingView data showed that bitcoin futures on the Chicago Mercantile Exchange had surpassed the historic level of $ 20,000 during trading on Tuesday.
BTC Price: $ 20,000 causes noticeable fluctuations
At the time of the press release, CME BTC future highs of $ 20,300 arose amid inherent volatility, causing BTC / USD to drop to $ 19,000 in less than ten minutes.
“It’s worth noting that the $ 1,000 turnover is now only 5%. Then adjust,” a well-known trader known as CryptoBull tweeted in response to the crash.
However, the move is a significant catalyst for Bitcoin, which today officially crossed an all-time high of $ 19,892 set nearly three years ago.
Since futures contracts are usually a small percentage above the spot rate, the order books for CME and other operators were already ready to enter unknown territory first. CME had already crossed $ 20,000 when it launched at around $ 20,700 in December 2017, and the market was still waiting for new full-time points on Tuesday.
Record volumes and open interest have inspired analysts keen to see the extent of institutional interest in Bitcoin as 2020 draws to a close, according to Cointelegraph reports.
Bitcoin this year was different from 2017, when an earlier attempt to penetrate $ 20,000 into the spot markets coincided with the launch of the first futures markets.
Thanks to the volatility that occurred over the weekend, a large “gap” of $ 1,300 in the futures markets remained open with fresh highs, which traditionally indicates that the Bitcoin / USD pair will drop to “fill” it. In this case, the refund could cost the spouses up to $ 16,900.