Brazil’s Bitcoin Futures Market Booms on Debut: 7,400 Contracts Exchanged
Bitcoin futures contracts debuted on Brazil’s B3 stock exchange with significant investor interest, evidenced by a surge of 111,000 buy or sell orders on the launch day.
This led to the trading of 7,400 bitcoin futures contracts, marking a strong start for the instrument. B3, already offering bitcoin ETF contracts, introduced these futures contracts as part of a strategy to diversify and attract a wider range of investors.
Marcos Skistymas, B3’s Listed Products Director, highlighted the usefulness of these contracts for Brazilian investors in managing price volatility and taking strategic market positions. The robust demand underscores market enthusiasm and potential growth prospects for B3’s bitcoin futures market. Felipe Gonçalves, B3’s Superintendent of Interest and Currency Products, emphasized that these contracts complement the existing cryptocurrency ETF lineup, with settlement based on the Nasdaq Bitcoin Reference Price (NQBTC) index and conducted in Brazilian reais on a monthly financial basis.
Clever Robot News Desk 23rd April 2024
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