In less than a year after Bitcoin initially introduced its futures contract, Ethereum is going to be the second cryptocurrency traded on regulated futures exchanges (Asia Times).
The Chicago Board Options Exchange (CBOE) launched Bitcoin futures in December 2017, and is waiting for the Commodity Futures Trading Commission (CFTC) to permit Ethereum futures toward the end of 2018.
In June, the U.S. Securities and Exchange Commission (SEC) officially announced that Ethereum is not a security. (CNBC)
The Chicago exchange has been considering this issue since the first Bitcoin futures launched. It has discussed this in detail with the Commodity Futures Trading Commission.
CBOE President Chris Concannon said the SEC decision was a clear stumbling block for Ethereum futures.
“The case for which we’ve been considering since we launched the first Bitcoin futures in December 2017.” (Coin Telegraph)
Although the details of Ethereum futures have yet to be revealed, the Ethereum market has already been impacted.
Ethereum price rebounded from a small decline on August 31, which can be attributed to these initial reports. The price of Bitcoin also showed a similar pattern of volatility, with a strong rise on the same day.
It is not easy to predict the trend of any market, especially for cryptocurrency. However, big moves like major financial institutions seem able to affect the marketplace.
The co-founder of Fundstrat, Thomas Lee has said that Ethereum futures will have a negative impact on the price of cryptocurrencies. (CryptoNewsAsia)
However, a well-known senior market analyst, Mati Greenspan, recently told Coin Telegraph that the market for Ethereum futures is going to be optimistic.
“The ability to go short is a critical component of price discovery. So this is ultimately a healthy thing for the market.”
Greenspan is very optimistic about Ethereum futures trading, whereas some people have put forward cautions.
All data for market analysis collected from Citicoins.com