A new report by Business Insider on August 30th says that CBOE Global Markets, which is the owner of the Chicago Board Options Exchange (CBOE) and one of the world’s biggest exchange holding companies is planning to launch Ethereum futures trading.
According to sources familiar with the entire situation, CBOE is planning to launch ETH futures by the end of this year and will reportedly base its ETH futures on Gemini’s underlying market – just like it based the Bitcoin (BTC) futures on the New York-based crypto exchange run by the Winklevoss brothers.
The Bitcoin futures trading at CBOE began in December 2017. For those of you who don’t know, futures basically represent an agreement to buy and sell an asset on a specific future date and at a specific price. As such, they enable investors to speculate on the BTC price without having to own BTC. Therefore, Bitcoin futures are not just for physical assets – they can also be traded on financial assets.
Another person familiar with the situation told BI that the futures and options exchange is waiting on the Commodities Futures Trading Commission (CFTC) to give the project a kick-off date before its official launch.
Meanwhile, in July this year, another major US financial regulator – the Securities and Exchange Commission (SEC) – said that Ethereum was not a security. Then, the CBOE Global Markets president, Chris Concannon, said that the announcement “clears a key stumbling block for Ether futures, the case for which we’ve been considering since we launched the first Bitcoin futures in December 2017.”
The Chicago Mercantile Exchange (CME) is also known for its Bitcoin futures trading. Last month, they released a report which indicates that the BTC futures have increased by 93% in the Q2 of 2018 – compared to the Q1 of 2018.
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“Mid/long term bullish; Short term bullish above 11500/11600, bearish below 11300; R: 11800, 12000, 12300, 12500; Key level above for bears to defend is 12300; if price moves below 11300, 10000-9650 is first larger target area. 50 DMA stands at 9760.’’Kruger cited that the remark of the U.S. President Donald Trump on bitcoin dismissing the cryptocurrency as an asset class, has potential short term bear signals:
“Many have interpreted Powell’s testimonies & Trump’s bitcoin remarks as short term bearish. The long-term impact could be seen as either bullish (awareness) or bearish (increased regulatory tail risk). Coupled with a lower high, the balance has shifted slightly to the downside.’’Despite the downside movement of the number one cryptocurrency and the rest of the cryptocurrency market was technical and many executives considered the first remark on bitcoin by the US President as a positive indicator. The regarded trader Cred stated that the $10,900 to $11,000 range is a very important support level and he stated:
“$10,900-$11,100 has been support. A strong daily close through that level would be good evidence that sellers are in control. Losing $10,500 would support that idea. Weekly chart looks heavy with price being accepted below $11,700 area. Bullish bias only above major S/R.’’As noted in the latest cryptocurrency news, other technical analysts Josh Rager explained how eth nosedives and how the bears made a comeback in the past week citing a $10,500 as an important level for bitcoin.
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“We didn’t offer a good onboarding experience. Crypto as a user base is still early, and we didn’t make it easy enough for users without crypto or a wallet to get started," the statement said.Some of the other areas of concern he noted included not being decentralized, not being regulated and perhaps trying to offer too many options as a broad scale predictions marketplace.
“… ultimately we failed to find a good fit between what we were building and the market as it exists today. … But today the community of users is small, and we think there are higher impact products and services we can build for the immediate future," Fletcher-Hill wrote in the altcoin news.
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“They’ve asked for big listing fees. They influence which coins win and lose by deciding which trading pairs they have – so it’s weird to criticize that one decision (the delisting) without looking at all their others.”As noted in the latest cryptocurrency news, Buterin is one of the very few people to criticize exchange listing fees but Binance was not named directly. He added:
“We can really take away this stupid king making power that these centralized exchanges have where they have this ability to just decide which tokens become big by deciding to list them and then charging these crazy $10 million to $15 million listing fees. The more we can get away from that world and into something which actually satisfies the blockchain values of openness and transparency the better.”
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