CBOE Halts Bitcoin Futures: Big Step Behind or A Leap Forward?

CBOE will no longer list Bitcoin Futures on its exchange after the current ones expire in June 2019. CBOE Global Markets was the first institutional platform to launch Bitcoin Futures in December 2017. CME Group Inc. is the other derivates marketplace that will continue to offer Bitcoin Futures contract.
A Leap Forward
In a chat with Melissa Lee with the CNBC, Brian Kelly, Tim Seymour, Guy Adami, and Steve Grasso noted that this has come as a positive piece of news contrary to popular belief. As Bitcoin Futures began when Bitcoin was at the top indicating retail and sellers demand of the product. The halting decision now could suggest a bottom.
Bitcoin/USD chart (Q4 2017 – Q1 2019)
Moreover, with the development of custody platforms, pending ETF approvals, Fidelity and Bakkt Investment Platforms the need for Bitcoin Futures has diminished considerably. The CBOE also might look forward to replacing the futures contract with an actual Exchange Traded Fund.
According to the founder and CEO of cryptocurrency investment firm BKCM LLC, Brian Kelly,
“Retail and sellers are exhasted… and in the $3000 was the great time to buy bitcoin.
Other avenues of custody has become better.. less of a need for these futures contracts at this point.”
This might come as a bad piece of news for many as it implies that there is one less institutional platform to bet on Bitcoin. Nevertheless, CBOE itself has filed for an ETF application that is under review with the SEC. Moreover, CME continues to provide the contracts. Hence, it might not affect the supply for futures traders. Moreover, it is indicative of a big move ahead in Bitcoin.
 
The post CBOE Halts Bitcoin Futures: Big Step Behind or A Leap Forward? appeared first on Coingape.
Source: CoinGape

CME’s Quick Respons to CBOE’s Bitcoin Futures Suspension Likely Capture Large Market

Well, CBOE discontinued Bitcoin futures in March, the rival CME has no plans to follow its footprints. However, CME is well performing the market, capturing the bitcoin futures potential that CBOE has temporarily restricted.
CME Has No Plans to Discontinue
To remind, CBOE (Chicago Board Options Exchange) was the first global exchange launching Bitcoin futures which were then followed by CME (Chicago Mercantile Exchange) in a similar time frame. As Coingape reported, CBOE released a notice on March 14, elaborating the reason behind why are they pondering bitcoin futures contract from their list of offers for the March 2019. It stated as follows;
“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.”
However, the observers have denied the claim CBOE made – in contrast, they analyzed the decision was taken as a result of low trading volumes. Crypto enthusiasts took to Twitter and stated that the CME’s bitcoin futures contract volume hurt the volume of CBOE. Although the current Bitcoin futures contract of CBOE remains available for trading until June. Furthermore, reports from CME official revealed that they have no plans to restrict their bitcoin futures contact.
CME didn’t share any comment on CBOE’s decision while a crypto research firm, Trade Block’s CEO discussed potential points or reasons behind the decision. Lanre Sarumi, CEO of Trade Block says that;
“Connecting to both CME and Cboe is expensive. If you are already trading other products on an exchange, then there is no new cost. If not, you must pay for connectivity, software license, market data, cross-connects etc. — all that just to trade one new product?”
Given all that, CBOE’s volume in Bitcoin futures is thin as compared to CME which stands quite stronger. As for now, CME continued to capture its existing market, even the portion that CBOE left for this month.

That’s cause Cboe bitcoin futures trading volumes have been getting crushed by CME. pic.twitter.com/4dpi9Tfuwg
— John Todaro (@JohnTodaro1) March 14, 2019

So readers, what’s your stake on CBOE’s decision and CME’s take on continuing the offering? Share your views with us
The post CME’s Quick Respons to CBOE’s Bitcoin Futures Suspension Likely Capture Large Market appeared first on Coingape.
Source: CoinGape

CBOE Will No Longer List New Bitcoin Futures This March

CoinSpeaker
CBOE Will No Longer List New Bitcoin Futures This March
The Chicago Board Options Exchange will stop listing new Bitcoin futures on its platform this month as it needs to review its approaches in this sphere.
CBOE Will No Longer List New Bitcoin Futures This March

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Source: CoinSpeaker

CME Bitcoin Futures See Record Volumes, Crucial Signal For Rising Institutional Demand

This week saw the highest ever volume for Bitcoin futures on the Chicago Mercantile Exchange as volume exceeded 18,000. The big signal is that institutional investors are paying attention as futures contracts get snapped up at an ever-increasing rate.
Record BTC Contract Volumes on CME
According to stats from the CME there were 18,338 on Wednesday, the highest figure ever recorded. This is equivalent to 91,690 Bitcoins or roughly $365 million at today’s prices.
Source: CME
Futures contracts enable speculators to bet on the prices rather than purchasing the physical assets themselves so these figures may be a little misleading. What they do indicate however is that there is a lot more interest in crypto futures now than ever before.
When new products that offer physically settled contracts hit the market, they will be paying out in BTC which will drive massive momentum for crypto markets. Over the past year or so the anticipation of a crypto exchange traded fund (ETF) being launched has dominated the news. 2018 has been the year of regulation and cooling off which was only to be expected after the previous year of rampant FOMO and parabolic market action.
This year will be different and many industry experts predict the launch of at least one institutional investment vehicle. Bakkt is the primary candidate but it has been in a holding pattern with a few others while US regulators finally wake up from their month-long imposed vacation.
According to The Block European exchange giant, Eurex, is gearing up to launch crypto futures so the list of institutional offerings is growing rapidly. The derivatives exchange operated by Germany’s Deutsche Börse will be offering Bitcoin, Ethereum and XRP imminently according to the report.
Exchange Traded Funds are The Future
In addition to these future products, there is already one type of ETF that is actually traded through an ETN (exchange traded note) which allows investors to get direct exposure to Bitcoin prices. The Grayscale Bitcoin Trust (GBTC) bypasses the technicalities of buying and storing Bitcoin but still allows investors to get in on the action by buying shares that trade at around a thousandth of the price of BTC, so a few dollars instead of thousands.
GBTC has been wildly popular with over $800 million already invested in the Bitcoin fund:

2/21/19 UPDATE: Holdings per share and net assets under management for our investment products
Total AUM: $872.1 million$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC pic.twitter.com/tzQxkd7ilX
— Grayscale (@GrayscaleInvest) February 21, 2019

In addition to BTC are 8 other crypto assets but clearly, Bitcoin is the most popular. The fund eliminates the volatility of buying and owning Bitcoin directly which is something that institutions want, slow and steady wins the race. The outlook for 2019 is currently taking shape and the institutions are already involved. Buckle up and get ready for the ride!
Image from Shutterstock
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Will SEC and CFTC Ever Come to a Compromise?

CoinSpeaker

Will SEC and CFTC Ever Come to a Compromise?

Konstantin Rabin, financial expert and crypto enthusiast, takes a look at how regulatory institutions are different in terms of Bitcoin regulation and whether they will come to an agreement at all.

Will SEC and CFTC Ever Come to a Compromise?

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Source: CoinSpeaker

Bitcoin [BTC] Futures by the Chicago Mercantile Exchange Group reaches an all-time high in Q1 of 2019

Citing an internal e-mail, The Block reported that the Chicago Mercantile Exchange Group [CME Group] opened the doors for cryptocurrency investments and institutional investors in 2019 via its Bitcoin Futures.
Bitcoin Futures is a contract that will let customers bet on the future price of Bitcoin. CME Group first launched BTC futures in 2017 and according to the internal letter, the futures contract is taking off without a hitch. The internal e-mail read,
“Yesterday (Feb 19th) set a new record with 18,338 contracts traded, this is equivalent to 91,690 bitcoin or $360MN… Q1 2019 is off to a strong start, ADV has improved to 4,630 contracts (23,150 equivalent bitcoin), up ~13% from Q4 2018 while [open interest] rose to 4,076 contracts, an improvement of 21.5% over Q4 2018.”
In addition to the above, the CME Group has about 2,100 accounts and about 30 unique firms that have traded the contract. The e-mail stated,
“Institutional interest has gradually risen and the number of LOIHs (Large Open Interest Holders) has been holding steady around 43 holders since November. A LOIH is an entity that holds at least 25 BTC contracts.”
Further, CryptoCompare’s research for January 2019 shows a significant increase in the number of Bitcoin Futures contracts traded on CME when compared to its counterparts. The daily volumes increased by 20%, from $66.5M to $79.9M in January.
With the anticipation around the launch of Bakkt building up, it is expected that the prices of cryptocurrencies would shoot up. 2019 started with a rally, contrary to the general bearish trend that overtook the cryptocurrency market in 2018. In fact, the rally pushed the price of BTC to touch major resistance at $4000.
Another Bitcoin-related news that could affect the cryptoverse is the possible approval of the Bitcoin ETF proposal by the Securities and Exchange Commission [SEC].
The post Bitcoin [BTC] Futures by the Chicago Mercantile Exchange Group reaches an all-time high in Q1 of 2019 appeared first on AMBCrypto.
Source: AMB Crypto

CME’s Duffy: Crypto Needs to Brown-Nose Governments to Succeed

Over the past year, crypto has struggled from a price standpoint. Thus, many investors that are looking to “HODL” have sought the light at the end of the tunnel that is institutional participation. But, one Wall Streeter, who has expressed some semblance of support for Bitcoin, recently claimed that this facet of the ecosystem just isn’t there yet.
CME CEO “Not Sure” Bitcoin Bottom
Since Bitcoin fell off the public’s radar in mid-2018, most incumbents of the legacy world have shut their trap, so to speak, regarding the subject matter. But, Terry Duffy’s interview on Bloomberg TV took a turn for crypto on Thursday.

In response to an inquiry from a Bloomberg host regarding if the value of the flagship cryptocurrency has established a bottom, the CME Group chief executive noted that he’s “not quite sure,” likely accentuating that he doesn’t keep up-to-date with this whole ecosystem.
Related Reading: Bitcoin Bottom Doesn’t Matter, Last Time General Population Can Afford Entire BTC
Duffy’s hesitant response on this matter comes as a number of analysts claim that Bitcoin has further to fall.
As reported by NewsBTC previously, Murad Mahmudov, a partner at Adaptive Capital, recently claimed that Bitcoin could find “steady support” at an MA300 of around ~$2,400. However, the prominent analyst made it clear that Bitcoin could “wick down” to as low as MA350~400 in the $1,700 range, “due to past patterns and how particularly overstretched the 2017 bubble was.”
Other made similar remarks. One crypto commentator recently noted that if history rhymes, BTC could fall to as low as $750 by mid-year, citing fractals and technical analysis.
Then again, some have been more optimistic. Leading researcher Filb Filb recently explained that there are  “staggering pre-halvening similarities [between] 2015 [and] 2019.” More specifically, he noted that if the price action seen in 2015’s bubble plays out today, BTC will bottom in the coming weeks, before embarking on a strong rally heading into 2020’s halving event.
Crypto Needs Governments To Succeed
On the matter of his futures product, Duffy stated that from the perspective of the CME, it just wanted to list Bitcoin in a controlled manner to appeal to regulators. That led him to his next point about institutional involvement. The investor noted that the “bottom line” is that until global governments start to accept cryptocurrencies, whether it be Bitcoin, XRP, Ethereum, or even JP Morgan’s own digital asset, it will be “very difficult for the major commercials to come into this space” in a gung-ho fashion.

Thus he determined that for cryptocurrencies, or any other nascent market for that matter, to succeed, the ecosystem surrounding them will need to gain approval from governments.
While strides are being made, such as through statements of support from the U.S. SEC’s Hester Pierce or other pro-crypto moves, this is more than likely an uphill battle.
Featured Image from Shutterstock
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Bitcoin [BTC]: CBOE and CME record lowest Bitcoin futures trading volume since inception

The world of cryptocurrency has been expecting keenly the day when cryptocurrencies are more widely adopted by major investment firms. The recent comment of an SEC commissioner that a Bitcoin ETF has a high probability of being approved was a step forward towards this development. However, in what could be a spanner in the works, the Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE) have recently seen the lowest Bitcoin futures volumes since they launched in December 2017.
According to research by Tradeblock, the data shows that Bitcoin futures trading volume has fallen significantly after they peaked in the summer, since their launch in early 2018.  In the summer of 2018, the combined trading volumes across the top five US exchanges had reached near equivalence with the spot trading volumes.
Over the course of 2018, CBOE and CME both launched their competing products in the market. However, over the course of the entire year, CBOE lost significant market shares to CME. The chart below demonstrates the volume of trade over the months.
CME vs Cboe Bitcoin Futures Notional Trading Volume Over Time | Source: TradeBlock
Upon careful observation of the chart, it can be observed that the initial volume trading was neck and neck between the institutions since the launch and it also reached a high point in July 2018, when the trading volume reached its summit at over $5 billion. However since then, there has been a consistent decline of volume which has caused spot volume trading to fall by almost 85%. Although the volume showed a little uptrend in November and December, the uptrend only came at the end of CME.
Bitcoin Spot Notional Trading Volume Over Time | Source: TradeBlock
According to research, the constant decline in spot trading might be following parity with the exit of retail traders from the crypto space following the collapse of asset prices. The exit might be linked to the falling of search engine trends for bitcoin and cryptocurrency which were earlier used to gauge retail investor curiosity.
Interestingly, Bitcoin trading had recently demonstrated the highest transaction per block and approached an all-time high of the mid-2017 price implosion.
The data above signifies that the futures trading activity has declined severely over the last one year since reaching a peak in the summer of 2018. The introduction of several new bitcoin platforms like Bakkt, Nasdaq and CoinFLEX, each looking to forward to launch future bitcoin products in the coming months, may improve this metric however.
The post Bitcoin [BTC]: CBOE and CME record lowest Bitcoin futures trading volume since inception appeared first on AMBCrypto.
Source: AMB Crypto

Coinfloor Rebrands to Shake Up the Industry with Its Stablecoin and Physical Bitcoin Futures

CoinSpeaker

Coinfloor Rebrands to Shake Up the Industry with Its Stablecoin and Physical Bitcoin Futures

CoinfloorEX has been reorganized. A new entity called CoinFLEX will be based in Hong Kong and will offer trading of physical cryptocurrency futures on the Asian market.

Coinfloor Rebrands to Shake Up the Industry with Its Stablecoin and Physical Bitcoin Futures

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Source: CoinSpeaker

Bitcoin, Ethereum, & XRP Go Green as Volatility Emerges

Bitcoin is in green by 0.24% with a low daily trading volume of $3.2 billion as volatility takes a hit. A swing in volatility can be attributed to the CME bitcoin futures expiring. Meanwhile, other two top cryptos Ethereum (ETH) and XRP are also registering the greens.
Poised for a short-term rise?
Bitcoin today is seeing an of green of about 0.24 percent after days of no activity as the volatility collapsed in the crypto market. With this looks like the price hibernation is finally coming to an end. At the time of writing, Bitcoin has been trading at $6,486 while the daily trading volume is still maintaining lows at $3.2 billion.
Bitcoin 24-hours price chart, Source: Coinmarketcap
The low trading volume and activity doesn’t present an outlook of higher breakout, at least in the short term.
Crypto market as a whole is feeling the effect, as cryptocurrencies see a positive movement in the prices. The market is registering the maximum gains of 18% while the top three cryptocurrencies are gaining the momentum as shown in the below chart:
Top crypto price movement chart, Source: Coinmarketcap
A swing in the volatility could also be attributed to the fact that the CME Bitcoin futures for the October month are expiring as Tweeted by the popular crypto trader, Crypto squeeze who also mentioned a movement of “I’m thinking $120,”

CME Oct futures expiring in 15 hours.
Higher than normal volatility usually follows after.
— Squeeze (@cryptoSqueeze) October 25, 2018

The green seems to be back with enthusiasm as the global stock market is falling in the bear territory. As we reported yesterday, the US stock market from S&P 500, FTSE, to Nasdaq along with Asian stock market is falling. The tech stocks are bearing the brunt of the losses while the dollar strengthens.
A positive news came from China as after banning the Bitcoin and cryptos in the country, now the Chinese court rules BItcoin is protected by law as property due to the fact that the laws and regulations of the country do not prohibit the ownership and transferring of Bitcoin.
Meanwhile, Visa CEO Al Kelly, recently shared that whenever the need arises they will integrate crypto,
“If we actually think that crypto starts moving from being more of a commodity to actually really being a payment instrument…If it goes in that direction, we will move in that direction. We want to be in the middle, Jim, of every payment flow in the world regardless of how it happens or what the currency is behind it. So if we have to go there, we will go there. But right now, it’s more of a commodity than a payment vehicle.”
The post Bitcoin, Ethereum, & XRP Go Green as Volatility Emerges appeared first on Coingape.
Source: CoinGape

Bullish Case: >170% Increase in CME Bitcoin Futures ADV while SEC Launches FinHub to Support Tech Innovation

Bitcoin market might be slow moving, but CME Bitcoin Futures average daily trading volume is constantly on a rise in comparison to previous quarters. Meanwhile, SEC launches FinHub to better understand and support emerging technologies.
CME Bitcoin Futures average daily trading volume on a steady rise
Bitcoin is still in the red while not seeing much activity. However, investors are surely into the game as evident from the fact that the Bitcoin Futures trading volume on the Chicago Mercantile Exchange (CME) is constantly on a rise.
According to the new report by CME, the Bitcoin futures average daily trading volume (ADV) in quarter 3 of this year saw an increase of about 41 percent from quarter 2. Additionally, the number of open contracts also rose by 10 percent in quarter 3.

CME Group revealed the data through Twitter that shows a rise of about a 172.5 percent increase in ADV of q3  from quarter 1.
Despite seeing a steady rise, CME has no plans to list any new crypto as CEO Terry Duffy shared in July, “I will not just put products up there to see where they’re going to go. I will take a wait and see approach with Bitcoin for now.”
SEC launches FinHub to support emerging technologies
Meanwhile, US Securities and Commission (SEC) is launching Strategic Hub for Innovation and Financial Technology (FinHub) to add support for crypto space.
FinHub will be led by Valerie A. Szczepanik, Senior Advisor for Digital Assets and Innovation and Associate Director of the SEC’s Division of Corporation Finance. Szczepanik shared,
“SEC staff across the agency have been engaged for some time in efforts to understand emerging technologies, communicate the agency’s stance on new issues, and facilitate beneficial innovations in the securities industry. By launching FinHub, we hope to provide a clear path for entrepreneurs, developers, and their advisers to engage with SEC staff, seek input, and test ideas.”
While, Chairman Jay Clayton stated,
“The FinHub provides a central point of focus for our efforts to monitor and engage on innovations in the securities markets that hold promise, but which also require a flexible, prompt regulatory response to executing our mission.”
The post Bullish Case: >170% Increase in CME Bitcoin Futures ADV while SEC Launches FinHub to Support Tech Innovation appeared first on Coingape.
Source: CoinGape

Bitcoin Still Stuck in Consolidation, Is it Going to Explode in Q4

Bitcoin is still stuck around $6,600, however, a breakout is coming soon. But it’s direction is unknown. Would this year see the same explosion in price as last year?
Bitcoin breakout coming soon but direction unknown
For the last few days, Bitcoin remains to be ineffective as it shows meager movement at around $6,600. At the time of writing, Bitcoin has been sitting at $6,571 while being slightly in the red. Today’s price range has been between $6,564 and $6,644.
BTC 1-day price chart, Source: TradingView
The world’s leading cryptocurrency is stuck around $6,600, however, the price is showing signs of breakout that can take place soon. But the point worth noting here is that the technical indicators are still giving mixed signals, so it is hard to determine in which direction prices would move.
One of the most concerning factors right now is lack of volume as Bitcoin is still managing the daily trading volume of $3.9 billion for quite some time now.
Also, read: US Regulators in Splits over the Future of Cryptocurrency as CFTC Chief States “Crypto are here to stay”
Will this year end with a surge?
For now, Bitcoin is showing steady but increased growth trend. However, this can certainly change the track as q4 has a history of taking Bitcoin prices upward. Though there have been a lot of positive developments and news in the market, investors seem to be looking for more catalysts to actively jump in.
No one knows for sure, but given the fact that Bitcoin has seen volatile months followed by a rise during the last quarter in the past it is a possibility as shared by the trader Josh Olszewicz on Twitter:

$BTC
Q4 has seen explosive moves to the upside historically#WakeMeUpWhenSeptemberEnds pic.twitter.com/OhTQgWJOEr
— #BrotoshiMoku (@CarpeNoctom) September 6, 2018

With ICE’s Bakkt coming next month and launching physically delivered bitcoin futures contracts, the rally just might start soon. However, given the way the Bitcoin futures by CME are being seen as affecting the price of Bitcoin as investors get to short or long on Bitcoin, we might also get to see new lows in the future.
Currently, Bitcoin is trading in a bear market despite the positive and bullish scenario talked by charts and experts. So, if Bitcoin does take a hit and drops low, this will bring in an influx of buyers driven by FOMO. These investors who missed out on Bitcoin before and are now looking to buy it cheaper will bring their funds into the market.
It might not be sure as to in which direction bitcoin might go, but it seems like the stability at about $6,000 will finally get moved.
The post Bitcoin Still Stuck in Consolidation, Is it Going to Explode in Q4 appeared first on Coingape.
Source: CoinGape

Bitcoin Bears Incoming? CME Bitcoin Futures Last Trade Today

Bitcoin price is registering bullish sentiments right now as it manages to cross $6,800 at one point today while having the daily trading volume of $5.16 billion. However, with CME bitcoin futures last day being today, Bitcoin price can take a drop.
Will Bitcoin see a drop? seems unlikely!
The crypto market is doing well right now with greens in domination. However, today is also the day for CME Bitcoin futures last trade. Usually, when CME futures expire, Bitcoin price takes a dip which is yet to even take effect this time which just might suggest we might not see any red.
At the time of writing, Bitcoin has been trading at $6,616 while being slightly up in the past 24-hours. The world’s leading cryptocurrency is managing a hike in its daily trading volume at $5.16 billion. Today’s trading range of Bitcoin has been from $6,587 to $6,826.
Bitcoin 1-day price chart, Source: TradingView
Previously, whenever Bitcoin futures expiration came on, the prices took a hit. For instance, on February 23rd, the day of futures expiry, prices went down from $11,418 to $9,756 as shown in the chart below.
Bitcoin price chart for February 22-24, 2018 Source: Coinmarketcap
However, last month on August 31, the day of CME Bitcoin Future Last Trade date, the prices weren’t as affected, though they do take a dip initially.
Bitcoin price chart for August 30-September 1, 2018, Source: Coinmarketcap
Also, read: Crypto Industry Demands Regulators a Clear, Firm and Accommodative Policy that Supports Cryptos
A bullish view? positively!
So, it seems unlikely that Bitcoin price will take a drop, however, a bullish scenario is surely on the horizon once this futures expiration passes, to be on the safe side.
Crypto trader Eric Choe shares both the sides of the coins with his Tweet:

Current Arguments
Why Bullish?
1. Large Momentum
2. Current path to trend-line target
3. Consolidation
4. Daily / Weekly higher-high goal
Why Bearish?
1. Massively declining bullish volume
2. Resistance at trend-line and order block
3. EW ABC corrective pattern
4. R:R
— Eric Choe (Mr. Swing Trade) (@CryptoChoe) September 28, 2018

Meanwhile, cryptoanalyst, Squeeze is certainly bullish as he shares, “Everyone and their grandma are bullish right now,” before further adding:

Yeah it’s looking great short term.
But we’re still in the triangle.
CME futs last trade happening in 11 hours.
I reckon we would get to $6950 after that.
That would be the OTE short.
But if it continues to push after that, CONVERT YOUR FAMILY AND DOG INTO THE #Bitcoin RELIGION pic.twitter.com/fDGTXNK3Iv
— Squeeze (@cryptoSqueeze) September 28, 2018

Moreover, according to the relative strength index (RSI), Bitcoin is up for an extended bull run. Bloomberg reported,
“Based on an analysis of RIG trend lines, a leading technical indicator that is a combination of the RSI and momentum studies, the momentum gauge crossed the relative strength index (RSI) gauge, which could be indicating a positive price movement is on the horizon. Bitcoin’s price rose the past three times the two gauges crossed.”
At the moment, the market is reflecting bullish views which means first $8k and then $10k seems to be the most likely the mark Bitcoin will achieve in the short term.
The post Bitcoin Bears Incoming? CME Bitcoin Futures Last Trade Today appeared first on Coingape.
Source: CoinGape

Bitcoin Drops as Usual before Futures Expire, But 3 Facets state BTC Going Up

Bitcoin price dropped to $6,880 level following the norm of declining before Bitcoin Futures expiration which is due tomorrow. However, a number of factors signal a boost in Bitcoin price along with its interest and adoption.
Bitcoin price drop follows the norm
After enjoying bulls for days, today Bitcoin finally took a slide. Just yesterday, BTC price climbed above $7,000 level and took the entire crypto market on an ascending curve. Starting the day with $7,039, the price reached the highest at $7,060. At the time of writing, the world’s leading cryptocurrency has been exchanging hands at $6,880.
Source: Tradingview.com
As Bitcoin took a drop, the crypto market went red as well as the top coins viz. Ethereum (ETH), XRP, Stellar (XLM), Cardano (ADA), IOTA (MIOTA) and others are down between the range of 2 to 6 percent.  
However, the Bitcoin price slide is kind of a given at this point as CME Bitcoin Futures contracts expire tomorrow i.e. August 31. Previously, just before these future contracts expiration either from CME or Cboe, Bitcoin price takes a hit and drops down.
Though the futures trading directly doesn’t impact the prices as trade is cash settled, the price rise does take a hit as big players to get the opportunity to short the Bitcoin. Due to the option of “long” or “short” available, it does brings the likelihood of price manipulation.
But there is a number of factors that are propelling Bitcoin forward and expected to take it skywards.
Bitcoin reddit seeing action first time since Dec 2017
Reddit is one of the most visited websites in the world and its importance in the crypto market is no different. When it comes to Bitcoin-related topics, the subreddit r/Bitcoin is the most active forum with just under a million subscribers.
In September 2010, it has been founded and since then growing at a steady pace. Last year, in November it became extremely active as Bitcoin neared its peak.
Now, the subreddit has again started seeing action as shared by BashCo on twitter:

Visitor traffic to r/Bitcoin has been dropping every month since December 2017… UNTIL NOW. Bull market forming? https://t.co/QZ1qRA9cJL pic.twitter.com/OTrhy7kvig
— BashCo (@BashCo_) August 29, 2018

Also, Alex Ohanian, the Reddit co-founder remains Bitcoin positive as he shares his bullish views yet again,
“As a store of value, there is some real traction [with Bitcoin], and actually as we’re seeing in countries like Turkey that are having significant economic crisis… But right now, we’re still in the earliest, earliest stages.”
Technical chart & genesis CEO: Bears run out of steam, go bulls
Just yesterday as Bitcoin hit $7,000 breaking above the 50-day moving average, it posted the longest rally in a month. According to Bloomberg, Divergence Analysis Inc.’s buying and selling pressure indicator also pointed higher.
Recently, the CEO of Genesis Global Trading, Michael Moro said if Bitcoin maintains its value around $7,150, the prices can reach $10k:
“If the [$7,000] level holds, say for the next week, two weeks, the bulls will 100 percent be back. They will be more comfortable than the lows for the year are in, and that we are more likely to see $10,000, rather than $5,000.”
He firmly believes bears have run out of steam as he explains the reason for the same:
“Once the news broke about the SEC rejection and the price actually held, we did not see the 5, 10, 15 percent sell-off that you’ve seen in previous rejections. So I think the bears have realized they’ve run out of steam.”
As for Bitcoin price going further, he says:
“The key level [for bitcoin] is $7,150, to be more exact, but if we can hold that next week, I do think we will see a sentiment turnaround in the market.”
Also, read: Anti-Dollar in Full Force, While Bitcoin Increasingly gaining Traction all over the World
Special mention: Hash rate already making the statement
In our recent article, we shared how Bitcoin hash rate is touching the highs that according to expert will be bringing new peaks. Moreover, it shows the long-term interest of people in Bitcoin.
Bitcoin has a bright future, period! so, buy while you have a chance
The fact is Bitcoin is just not here to stay but going to thrive in the future as even shared by US Federal Reserve of St. Louis in its reports over the time.
According to Coinbase latest study, the millennials are surely attracted to the Bitcoin as US students are twice as likely as country’s average to own a crypto. About 18% of the students agree to own bitcoin or other cryptocurrencies.
The below-presented table also shows the rising interest of students and educational institutions into Bitcoin and cryptocurrencies which certainly signals a bright and rising future ahead.

So, while prices see a correction, you might want to acquire some cryptos as offered by Litecoin founder Charlie Lee, who shared that the best time to buy is when prices are down as he predicts Bitcoin price to hit above $20k this time.
Bitcoin surely is in for a boost, whether it’s the price, awareness, interest or adoption, big things are coming up for the overall crypto market.
The post Bitcoin Drops as Usual before Futures Expire, But 3 Facets state BTC Going Up appeared first on Coingape.
Source: CoinGape

Bitcoin Futures Expire Today, Are you Buying the Dip?

Bitcoin (BTC) has dropped down about 5 percent at $7,868 which has been triggered by the expiry of Bitcoin futures today. With the opportunity to short prices, bears seem to speculate as expected.
However, this fall is offering the perfect opportunity to the investors to buy the dip before, as predicted by analysts bitcoin bull rally takes full charge.
Bitcoin futures by CME expires, BTC price falls as expected
Today is the day when the Bitcoin futures by Chicago Mercantile Exchange (CME) expires. The derivatives giant, CME group allows the professional and institutional traders to long or short on Bitcoin. Earlier this week, CME has reported that Bitcoin futures have hit the record volume as the bitcoin bull rally went on full force. This all-time record was 12,878 contracts that amounted to about $530 million at that time.
As always happens, whenever bitcoin futures expiration date comes into action, the price of bitcoin take a drop of about 6 to 8 percent. Though the anticipation of expiration date starts affecting the bitcoin price days prior the final day, this time the prices took a hit today.
Since last week, the Bitcoin price has been on a constant upward movement. It crossed the $8,000 level first time in two months and recorded highest BTC dominance of this week. However, today, Bitcoin price started its downward slide and dropped below the $8k mark. At the time of writing, it has been trading at $7,868.
Source: TradingView.com
Short the market, bears get to speculate
The drop in bitcoin price has been attributed to the rejection of Winklevoss’s Bitcoin ETF second time by SEC. But, looks like the Bitcoin futures expiration date finally caught up today. Usually, bitcoin futures’ expiration starts triggering the price drop about five days in advance. But this time as bulls were fully charged and the price didn’t reflect any changes, it has been expected that the price might not get affected after all.
But today, bitcoin dropped down approximately 4.22 percent and altcoins took a slip as well in tandem with bitcoin. Past data has suggested a healthy pullback in bitcoin prices. So, the prices can be expected to further fall down.
Before Bitcoin futures have been introduced, investors didn’t have the option to short the market. So, despite the market being in a healthy position with increased adoption and prices surging, futures gave bears the opportunity to speculate and affect the prices.
Also, read: Bitcoin Futures Hit Record Volume, Wall Street too Jumps on the Latest Bull Rally
No new crypto futures contract, says CME CEO
CME first launched the bitcoin futures contract on its platform after its competitor Cboe introduced the product. Now, Terry Duffy, the CEO of CME as reported by Bloomberg, won’t be making any additions to the crypto futures market any time soon.
Duffy said,
“I will not just put products up there to see where they’re going to go. I will take a wait and see approach with Bitcoin for now.”
As for the bitcoin futures volume, he shared
“We’re not seeing huge flows regardless and that’s OK. This is going to take some time one way or another and we’ll do it the right way.”
Bitcoin is currently down which is being seen as the perfect opportunity to buy the dip as investors and analysts all are expecting it to hit new highs soon.
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Source: CoinGape