Investors quickly began opening new investment accounts shortly after the announcement that futures in the space were now an option.
Coinbase reports that around 100,000 new users were added within only 24 hours after the announcement that the world’s largest future exchange would begin offering futures for the bitcoin industry. This data is according to Alistair Milne, co-founder and chief investment officer of Altana Digital Currency Fund.
Coinbase currently stands as the largest bitcoin exchange within the United States, and is currently also one of the most popular methods of buying and selling bitcoin, ethereum, and litecoin. With the ability to trade these top cryptocurrencies, the site now houses around 12 million users, with the amount rising exponentially on a daily basis.
The company CME recently announced that they would be adding bitcoin futures by the end of the year. After the launch of futures, many investors would be able to buy the trend of the currency rather than buying the currency itself. This will ultimately help to limit investors’ exposure into the market as a whole and would alternately allow them to profit from the gains in a safer way.
After the news hit the market, the price of the currency shot up to an all time high of $7,454.04. Since the industry started by offering a currency for black market exchangers, the coin has come a long way. It is now on the way to taking over many of the largest financial systems as we know it, and nothing currently stands in its way.
The company Coinbase was founded back in 2012 and has since raised over $200 million in funding. With companies like Coinbase changing the investing space on cryptocurrencies everyday, it does not seem like the crypto space will slow down anytime soon.