SHIBUSD SHIBA INU

After announcing in March its plans to include Bitcoin futures in its offerings, B3, a Brazilian stock exchange, has officially opened up trades, achieving a significant milestone on its very first day of trading Bitcoin futures.  B3 Bitcoin Futures Sees Surge In Demand Following its launch of Bitcoin futures on April 17, B3 experienced a massive wave of demand and interest from cryptocurrency enthusiasts eager to trade the newly listed Bitcoin futures. The stock exchange reported that on the debut trading day, more than 7,400 Bitcoin futures contracts were actively traded.  Related Reading: Shiba Inu Burn Rate Sees 81% Daily Increase, But Why Is Participation Low? This unprecedented trading volume underscores investors’ strong interest in cryptocurrency derivatives as well as the increasing demand for BTC exposure among Brazilian cryptocurrency traders and enthusiasts.  Notably, B3 disclosed that the demand for Bitcoin futures on its exchange was so profound that it had hit 111,000 buy or sell orders on the trading screen. The market had displayed intense participation in the newly launched contracts, with the Director of Listed Products at B3, Marcos Skistymas, affirming that the heightened demand resulted from B3’s introduction of its first-ever derivative linked to a cryptocurrency.  The introduction of Bitcoin futures marks a significant step forward for the stock exchange, aligning with its vision to expand its offerings to cater to users’ needs. Skistymas has also indicated that the market’s response to the recently listed Bitcoin futures was overwhelmingly positive, reflecting a significant potential for these contracts within the Brazilian market.  BTC Futures To Act As A Hedge Against Market Volatility According to Skistymas, Bitcoin futures were a “suitable instrument” that could become a hedge against Bitcoin, potentially providing Brazilian investors a means to manage the flurry of risks associated with Bitcoin’s price fluctuations. For more clarity, a Bitcoin future is a contract between investors who wager on the future price of the pioneer cryptocurrency, providing exposure to Bitcoin without the need to purchase it. Given btc’s high volatility and price fluctuations during certain market conditions, accurately predicting the price of the cryptocurrency can be challenging. Additionally, only a handful of crypto analysts and investors have managed to forecast Bitcoin’s price actions with precision.  Related Reading: Ripple CEO Walks Back $5 Trillion Crypto Marker Prediction, Unveils New Target At the beginning of the year, the price of BTC surged from below $50,000 to an all-time high of more than $75,000 in March 2024. As of writing, the cryptocurrency is trading at $66,129 after witnessing a major price correction and plummeting by 0.09% over the past month, according to CoinMarketCap.  Irrespective of BTC’s unpredictability and price variations, the launch of Bitcoin futures on B3 has the potential to bring in a new era of adoption among Brazilian investors, providing them with fresh opportunities to diversify their portfolios with these regulated financial instruments. BTC price falls below $66,000 | Source: BTCUSD on Tradingview.com Featured image from Business Post Nigeria, chart from Tradingview.com