The proof, as they say, is in the pudding. The demand for ways to trade Bitcoin beyond simply buying and selling has become crystal clear by the trading spike on the LedgerX platform this past week.
In July, LedgerX received full approval from the US Commodity Futures Trading Commission to become a derivatives clearing organization (DCO). While the initial announcement was met with little fanfare, the impact on investors will be massive.
The company announced via their blog this week that the platform has gone live with a ‘soft launch.’ The company on boarded several institutions and opened doors for trading. The response was huge, with over $1 mln being trading in the first week alone. According to the company:
“…we ended up completing swaps and options trades worth over $1,000,000 USD. Crucially, these trades were cleared through LedgerX, which is the only institutional grade, US federally regulated exchange and clearinghouse for digital currencies. And we are literally just getting started.”
The explosion in trading simply shows the massive level of demand that is underpinning the market at this time. Coupled with the recent price spike and stability over $6,000, these signs indicate a strong bull market for the near term.