Introducing Bitcoin Friday Futures & Market Updates for Aug. 29th

WYNTK for Aug. 29th ( What You Need to Know)

By Mark O’Brien, Senior Broker

General:

Starting Monday evening a new futures contract will make its debut.  The CME Group will list the Bitcoin Friday Futures contract for trading on the CME Globex electronic trading platform.

Similar to the existing Micro-Bitcoin, the Friday futures contract will be sized at 1/50 of a Bitcoin.  The contracts will be cash-settled every Friday against the CME Bitcoin Reference Price, a benchmark for Bitcoin’s spot price.

Below you’ll find a link to the CME Group’s Special Report with the details of the new futures contract, including its exchange symbol, trading hours and exchange fees

Click here → https://www.cmegroup.com/notices/ser/2024/08/SER-9418.pdf 

Indexes:  

Volatility is once again the order of the day for stock indexes as traders wait for the release of Nvidia’s Q2 results.  The stock has moved an average of about 8% after earnings over the past 12 quarters, and should that happen again this afternoon, it would result in a market cap move of around $250B, which is bigger than many U.S. companies.  Nvidia shares are up a whopping 159% in 2024, accounting for around a quarter of the S&P 500’s YTD return of 18%.

Metals:  

Dec. gold traded up to its second highest all-time intraday price level of $2,564.30 per ounce early in the session yesterday afternoon before reversing today, likely on a rebound in the dollar, which has tumbled ±5% in the last two months and is hovering at 1-year lows

Driven by the prospect of upcoming U.S. interest rate cuts, which has pressured the dollar in recent weeks, British Sterling climbed to its highest against the U.S. dollar in more than two years yesterday.

Daily Levels for August 29th, 2024

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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.