Ethereum smashes past $600 as CME unveils ETH futures product

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Ethereum smashes past $600 as CME unveils ETH futures product

Ethereum reclaims $600 price levels as the CME announces Ether futures citing "client demand."

Ether (ETH) has followed the breakout above $20,000 for Bitcoin (BTC) on Dec. 16, boosted by some big news from the Chicago Mercantile Exchange (CME). The CME just announced that it will be launching Ether futures in 2021.

"Based on increasing client demand and robust growth in our Bitcoin futures and options markets, we believe the addition of Ether futures will provide our clients with a valuable tool to trade and hedge this growing cryptocurrency," said Tim McCourt, CME Group global head of equity index and alternative investment products.

Such news is an extremely bullish event for the market's maturity, as it opens the gates for institutions and other parties to trade and invest in cryptocurrencies outside of Bitcoin. Notably, BTC futures launched exactly three years ago at the previous all-time high price in December 2017.

Ether’s price is up by 7% in the past 24 hours and is currently aiming to make a new yearly high.


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