America's mom and pop bitcoin buffs have a shiny new derivatives playground that cryptocurrency analysts hope will fire up a moribund market.
, which on Aug. 16 became the first crypto-focused firm to win approval to offer cryptocurrency futures to U.S. retail customers.
Hope and momentum are in short supply in a market that has seen bitcoin languish for months as hawkish global central banks and troubles at crypto exchanges such as FTX and Binance sapped interest in volatile crypto assets.also comes at a time when derivatives' trading volumes have shrunk significantly owing to economic uncertainty, continued regulatory hurdles and low volatility that left investors disinclined to make big bets.
Todd Groth, head of index research at CoinDesk Indices, says it is too early to gauge the impact of the launch. "It remains to be seen how Coinbase structures these products," he said.Derivatives such as options and futures have dominated cryptocurrency trading since such products appeared around 2014, as investors snapped up the opportunity to place bets on bitcoin's price moves with minimal investment.
Yet, trading volumes in derivatives decreased by nearly 13% in July to $1.85 trillion, the lowest monthly volume since December 2022 and second lowest derivatives trading volumes since 2021, research firm CCData reported.
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