Bitcoin Cash price (BCH/USD) rises as UK firm launches BCH futures
The Bitcoin Cash price (BCH/USD) has hit a four-day high on Friday following the news that UK-based crypto futures exchange CryptoFacilities has added BCH contract to its FCA-regulated platform.
While the fourth-largest digital coin rose to an intraday high of $538.27 in yesterday’s morning session, it gave up most of its earlier gains during a rocky afternoon session. The coin eventually finished the day at $517.35, slightly higher than its opening level of $512.87.
The digital currency resumed is advance in today’s trading, with its price hitting an intraday high of $553.44 toward the end of the morning session. While the coin has experienced a pull-back in more recent trading it has mostly held above the $540 mark.
The Bitcoin Cash price has benefited from today’s announcement regarding the launch of BCH-USD futures to CryptoFacilities’ portfolio crypto futures contracts. CryptoFacilities is the UK-based firm that provides the CME CF Bitcoin Reference Rate that powers CME Group’s Bitcoin futures offering.
“The new contract further expands Crypto Facilities’ derivatives offering which includes Bitcoin, Ripple XRP, Ether and Litecoin futures,” the company said, adding that the new product “will start trading at 4pm UK time on Friday”.
“We are pleased to be expanding our cryptocurrency derivatives offering with the launch of BitcoinCash futures,” Cryptofacilities chief executive officer Timo Schlaefer commented. “BCH is a top five coin with a market capitalisation of around $10 billion* and we expect our new contracts to spur the evolution of the crypto markets by bringing greater liquidity and transparency to the digital asset class,” he added.
In today’s trading, the Bitcoin Cash price stood at $542.40, as of 15:50 BST. The coin has gained 3.2% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. Its total market cap currently stands at $9.3 billion.