In the latest official digital currency news, we are getting an official statement from the Chicago Board Options Exchange (CBOE) in which the giant says that it will not be able to add a new Bitcoin (BTC) futures market in March.
The statement appeared yesterday. According to it, CBOE is re-evaluating how it approaches trading digital assets.
“CFE is not adding a Cboe Bitcoin (USD) (“XBT”) futures contract for trading in March 2019. CFE is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading. While it considers its next steps, CFE does not currently intend to list additional XBT futures contracts for trading,” CBOE said.
Moreover, the currently listed features which include the XBTM19 will expire in June. According to CBOE, all of the currently listed futures are still available for trading.
As a reminder, in December 2017 CBOE launched Bitcoin futures trading, followed by the major Chicago Mercantile Exchange (CME) – and before the legendary Bitcoin crash which led to a ripoff on the crypto market.
For those of you who are not familiar with the concept of futures, they basically give investors exposure to an underlying asset – which is Bitcoin in this case – without the need to actually own the asset. Instead, the investors buy contracts that track the underlying price of the asset and speculate on whether the contract price will increase or decrease by the expiration date. In the case of the CBOE Bitcoin futures market, this difference is settled in US dollars.
Earlier this week, a new report from Bloomberg emerged – stating that the Bitcoin price could be on its way to another large selloff. According to analysts, the key technical indicators such as the Moving Average Convergence Divergence had been moving downward since mid-February. As the Bloomberg analyst Mike McGlone revealed:
“The entire industry is ripe to resume a path to lower prices. Conditions are akin to November , just prior to the collapse…”
No one knows if the stability will continue or BTC will rise or fall in the coming weeks. What’s certain is that altcoins are now stealing the show – but at the end of the day, we all know that a regulatory decision could trigger the market into the positive or negative sides.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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