Eurodollars are U.S. dollars held in time deposit accounts in banks outside the United States. (1) The Euro chart shown below covers a period of time between January 1971 and December 1987. During this time, Eurodollar futures contracts started trading in 1981, just four years before the Euro’s low in February 1985. In 2019 the Intercontinental Exchange began trading Bitcoin futures. On June 6, 2023 the CBOE announced it had received approval to launch margin futures contracts on Bitcoin.
Bitcoin has continued to develop a large structure that is similar to the 1971 – 1985 Euro structure. Key turning points have been identified on the charts shown below.
References:
(1) Eurodollar
(2) Bitcoin
