Sunday, 23 September, 2018

Caution Civilians, Professional Traders Are 'Playing' Bitcoin

Bitcoin sell-off picks up steam Caution Civilians, Professional Traders Are 'Playing' Bitcoin
Elsie Buchanan | 24 December, 2017, 04:26

Hopefully, such keen interest from major banks and financial institutions will help create a more regulated environment for the now-elusive Bitcoin, as well as other cryptos like Bitcoin Cash, Ethereum and so on.

According to public records, The Chicago Board Options Exchange (Cboe) has filed with the U.S. Securities and Exchange Commission (SEC) to list these six bitcoin futures ETFs.

The rule changes were submitted to the SEC between December 15-19, public records show. Note that this is not the first time that such a request for Bitcoin ETFs has been filed.

This is the right time to file for ETFs as the Bitcoin futures are already live. In particular, the Winklevoss ETF failed to satisfy conditions listed under Section 6 (b)(5) of the Exchange Act, which protects against fraudulent and manipulative trade practices. CBOE President Chris Concannon recently told Bloomberg that his firm envisions bitcoin ETFs "coming to market" sooner rather than later. According to CNBC, the funds would track either the CBOE or CME bitcoin futures contracts.

All of the above being the case, we have been recommending GBIT our favorite crypto-coin exchange, where professional traders and civilian participants alike can trade securely on the world's most innovative digital asset exchange. That's a good sign for the contract but if it's an indication of underlying demand for Bitcoin longs, then it's good for a sign for prices as well. Initially, the future contracts would cause Bitcoin price to increase, as an extremely high amount of people are trading or betting on it, but as that slowly begins to wear off, and people sit back to wait and see where their bets will land, Bitcoin's price is going to be affected.

Here's how Congress reacted to the 2G scam verdict
Reacting to the verdict, former Union Finance Minister and Congress leader, P. I am glad that the court has pronounced unambiguously. The court's judgment has to be respected.


The one worry is that investors could be leaving physical Bitcoin for derivatives.

Bitcoin, the most prominent cryptocurrency, rose from United States dollars 789 in December 2016 to USD 18,960 in December 2017, an increase in price of more than 2,300% over the course of the last twelve months.

The global ETF market is worth more than $4.3 trillion, a figure that will rise steadily in coming years as more people seek out the diversification and cost-saving benefits of these funds.

Featured image courtesy of Shutterstock.

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