Bitcoin price (BTC/USD) edges lower in Tuesday morning session

Cboe BTC futures saw significant increase in trading volume last week

Bitcoin price (BTC/USD) edges lower in Tuesday morning session

The Bitcoin price (BTC/USD) has continued to decline following its lacklustre performance on Monday.

The original cryptocurrency posted some losses yesterday, as it failed to defend the 11-day high of $7,754.89 it had reached on Sunday. The digital coin fell to an intraday low of $7,474.04 in the afternoon, before experiencing a slight rebound towards the end of the session, which allowed it to finish the day at $7,514.47.

However, Bitcoin saw another downturn in the early hours of today’s trading, sending its price well below the $7,500 area, to an intraday low of $7,397.00. The Bitcoin price has since edged a bit higher and is currently hovering around $7,460, according to data from cryptocurrency tracker Coinmarketcap.

Meanwhile, Cboe Global Markets has revealed that its Bitcoin futures product has enjoyed significant interest from investors last week.

“At the Cboe futures exchange, the bitcoin futures (XBT) contract volume saw a big increase from the previous week,” Peter Lusk, senior instructor at Cboe wrote, as quoted by MarketWatch. “Monday was a U.S. holiday, so the market was closed, but on Tuesday, the front-month contract recorded an all-time high volume, with 8,373 contracts trading that day,” he added.

The average daily volume also increased in the shortened week to 5,755 contracts, from 4,490 contracts in the week prior.

In December, CBOE became the first major derivatives marketplace operator in the US to offer Bitcoin futures. The company’s Chicago-based rival CME Group followed suit later in the same month.

In today’s trading, the Bitcoin price stood at $7,465.42, as of 10:10 BST. The digital currency has lost 2% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at nearly $127.5 billion.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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