Since Bitcoin Halving, there’s a lot of action when it comes to BTC-based derivatives products and BTC trading in South Africa

On May 14, according to statistics from CME Group, the total number of outstanding derivatives contracts (open interest) reached approximately $ 142 million. And just four days later, CME broke the record again. According to Skew.com, CME’s regulated Bitcoin options open interest is up 10x this month.

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Skew.com: Check out the information on Bitcoin futures and options and products from Bakkt

According to Skew, the exchange Deribit’s Bitcoin options open interest hit the $ 1 billion mark for the first time this week. Meanwhile, the $ 142 million of CME Group on May 14 marked a significant milestone for CME. The regulated exchange touched $ 172 million in total CME BTC options open interest, following the record performance four days prior.

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Furthermore, the report from CME Group stated:

“The emergence of a futures and options market has created a new ecosystem for bitcoin markets, which faces its first supply cut since 2016.”

It can be said that Bitcoin halving events and derivatives products are related because even the transaction volume of Bakkt increased after Bitcoin Halving. Bakkt had a solid halving session with a record volume day in $ notional, $ 51.8 million bitcoin futures crossed.

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Besides, not only Bitcoin but also a lot of notable moves for Ethereum-based derivatives products.

Since the market rout on March 12, otherwise known as Black Thursday, quite a lot of traders have suffered heavy losses. However, since then, the market has recovered significantly. It’s just at the time when Bitcoin price dropped to $ 3,600, and BTC Halving on May 11, 2020, sparked even more interest in bitcoin-based futures and options contracts betting on the next few months.

BTC transactions are skyrocketing in South Africa

According to Coin.dance, Bitcoin transactions for the South African Rand more than doubled on LocalBitcoins last month. Furthermore, this must be related to rand has depreciated 23% against the US dollar this year. It recently rallied to a five-week high on expectations that the central bank would cut rates again.

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Source: Coin.dance

The Reserve Bank confirmed the rate cut on Thursday to resuscitate the economy, lowering it to 3.75%. The central bank has now lowered the rate by a total of 200 basis points over the past two months of the coronavirus outbreak.

As AZCoin News reported, BTC is currently very popular in Africa. In particular, Nigeria tops the list of Google searches for Bitcoin worldwide. In particular, South Africa, Ghana, and Kenya ranked fourth, fifth and 17th respectively.

Furthermore, cryptocurrency exchange Luno also identified Kenya and Ghana as the main areas for expansion after trading volumes soared on the exchange. With interest in Bitcoin, Ethereum, and other leading cryptocurrencies increasing after the global Coronavirus pandemic, Luno has recently added one million new users.

Share with Bloomberg, general manager Luno Marius Reitz said:

“It’s the markets we have a keen interest in, and Ghana and Kenya are high on our list.”

At press time, Luno now has four million users after growing its initial base from South Africa and Nigeria and then opening operations in Zambia and Uganda.

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