CME Big Boss Terry Duffy sees more growth during crypto sales
The crypto market suffered in 2022 just as many assets fell from their 2021 highs. The bearish trend reduced people’s confidence in digital assets, resulting in a panic sale of tokens. However, some investors saw the bearish trend as an opportunity to accumulate digital assets and profit later.
In a recent development, CME CEO Terry Duffy spoke about the positive business flow for his company amid the devastating state of the crypto market. He also highlighted the effects of continuous rate hikes by the US Federal Reserve.
CME had more upside despite challenges in the crypto industry
Duffy revealed that his firm saw an increase in trading interest amid selling pressure in 2022. This was during his interview with CNBC.
Duffy expressed his excitement over the market’s recent price trend for Bitcoin. For him, high volatility from the primary crypto token brings increased interest from many investors worldwide.
Furthermore, the CEO talked about the ugly events and crises in the crypto industry in the last quarter of 2022. He noted that the sudden bankruptcy of FTX Exchange, a prominent crypto exchange, dealt a terrible blow to the industry. The events led to billions of dollars worth of losses for investors and created a loop that crippled other crypto-related firms.
But in the midst of all the chaos, Duffy said they witnessed an impressive achievement. He said CME’s derivatives market gained more investors between November and December last year.
Duffy noted that the future would be profitable as more traders continue to use the CME group. Notably, CME launched Ether futures on its platform and now plans to introduce euro-dominated futures.
Terry Duffy speaks on the crypto market
As for the current state of the crypto market, the CEO sees more growth and development despite the prevailing issues. Furthermore, he noted that the crypto market would gain more widespread adoption and traction with jurisdictional regulations.
He cited that using a regulated exchange like the CME is one of the best trading steps to avoid unnecessary uncertainty. In addition, it is part of the reasons for the recent increase in their product investments amid the challenges in the crypto space.
In addition, Duffy spoke about the impact of the recent actions of the Federal Reserve. He appreciated The Fed’s efforts to curb inflation through its monetary policy.
Last year, the Fed maintained a hawkish stance in its inflation control measures. However, people still tried to predict the next possible move.
Featured image from Pixabay, chart from TradingView.com
