BlockBeats messages: On June 27, this week, the stocks of the Intercontinental Exchange (ICE) and the CME Group (CME) were oversold, with both RSIs at 24.4. Typically, an RSI below 30 is considered oversold, suggesting a possible rebound in the short term; an RSI above 70 is considered overbought, implying a risk of pullback. Investors sold shares in exchange-platform operators mainly because the market is concerned that new trading products such as perpetual futures contracts may disrupt the traditional exchanges’ business.
Earlier, CME sued the U.S. Commodity Futures Trading Commission, arguing that the latter allowed the prediction market platform Kalshi to offer Bitcoin perpetual futures contracts at the end of May. This week, CME fell 10%, while Intercontinental Exchange dropped more than 7%; in both cases, their cumulative declines for June have reached double digits.
Earlier, CME sued the U.S. Commodity Futures Trading Commission, arguing that the latter allowed the prediction market platform Kalshi to offer Bitcoin perpetual futures contracts at the end of May. This week, CME fell 10%, while Intercontinental Exchange dropped more than 7%; in both cases, their cumulative declines for June have reached double digits.