A petition has been sent by the Chicago Mercantile Exchange Group (CME) to the United States regulators in order to allow their customers to double their Bitcoin futures positions, reflecting the soaring interest in Bitcoin futures.
The CME Group set a plan that, if succeeded, would allow traders to push their monthly limit from 1,000 contracts per spot to 2,000.
A spokesman for the publication said: "This is another way we offer clients, institutional traders and end-users with additional flexibility to trade and hedge bitcoin price risks."
Such a move would support the ongoing growth in demand for Bitcoin futures contracts, with trading volumes on the CME registering new record highs.
Later this month, regulated institutional investors physical Bitcoin futures platform Bakkt is supposed to launch its new trading venue, while Binance is currently testing two potential futures trading platforms.
On the other hand, Thomas Lee co-founder of Fundstrat Global Advisor foresees that a strong macro outlook would provide accelerated trends for the next Bitcoin bull run.
Currently, investors view the Bitcoin as a safe haven asset that’s why it is currently staling, but instead a rise in equities to record highs and improvement in the macro-economic conditions would help the Bitcoin to resume its rally, Lee argued.
As of 11:04 GMT, the Bitcoin rose more than one percent at $10,294, Ethereum
moved in the same direction as it soared 0.09 percent at $179. Ripple and
Litecoin were down by 0.28 percent and 0.56 percent respectively.