tags/bitcoin futures

Nikolaos Panigirtzoglou: SEC will give the green light to several ETF applications at once

Gary Gensler, Chairman of the US Securities and Exchange Commission, explained why the agency approved the launch of an ETF on BTC futures, rather than a direct exchange-traded fund for cryptocurrencies. 

According to anonymous source from Bloomberg, Goldman Sachs will clear the futures contracts for Bitcoins for its customers, when the futures markets will be launched on December 10 at the CBOE and on December 18 at the CME. This is an important stage for the Cryptocurrency industry, as the futures markets will provide access to the cryptocurrency-loans to customers of large banks and brokerage firms. If this information is confirmed, the pessimistic attitude of traditional market players to cryptocurrency-derivatives will begin to change, and their support will become a competitive advantage.

All Bitcoin traders should note two important dates in their calendars: December 10 and December 18. It is these days that the CBOE and CME group will begin trading in Bitcoins futures and options. Later, other traditional exchanges can join them. At the same time, not all traders understand that these events mean for the community and how the situation in the last two weeks of 2017 can change. The market of trade Bitcoin can be compared with the river. Its flow depends on constant quantities, and therefore it usually flows in one direction. On the other hand, the Bitcoin futures market is similar to the ocean with thermohaline circulation: its flow depends on several variables. Sharks of the futures market are not friendly at all - they will do everything to earn money, even if they have to go through the heads of other market participants.

Michael Novogratz, former head of the hedge fund of the Fortress Investment Group, who recently became a cryptocurrency investor, noted that he believes that institutional investors are only a few weeks from the mass adoption of Bitcoin and the Ethereum.