CBOE Will Reportedly Launch Ethereum Futures Trading By The End Of 2018

03 September, 2018, 00:36 | Author: Mary Valdez
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As CryptoGlobe covered, the Chicago Board Options Exchange (CBOE) is reportedly close to launching ether (ETH) futures, according to sources familiar with the matter.

This news immediately sparked speculation about the effect this vehicle would have on the market, with many optimists noting that this futures contract should help to propel the price, development, and maturation of Ethereum, and subsequently, the growth of this industry.

Bitcoin bull Tom Lee tells Business Insider that might be a bad thing for ether, but a good thing for bitcoin.

CBOE Global Markets, one of the world's biggest exchange holding organizations. Cboe also based its bitcoin futures on the New York-based crypto exchange run by the Winklevoss twins. They seem to continue the trend with the proposed Ethereum futures contract, with the contract based on Gemini Exchange as an underlying market.

Two protuberant digital currency investors and analysts predicted that the value of Bitcoin (BTC) would hit the $20k level since early this year.

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According to Business insider's article released on August 31, 22018, CBOE is now waiting for further information from the US Commodity Futures Trading Commission (CFTC). William Hinman, the Director of Corporate Finance from the SEC has said in the past that they would not consider Ethereum to be a security.

The SEC said back in June that Ethereum was not a security and CBOE Global Markets president Chris Concannon noted back then that "This 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". Also, the market accounts for a small portion of the total BTC trading arena, so it is unlikely that BTC futures trading had any direct impact on the Bitcoin price trajectory.

The average trading volume in bitcoin futures rose by 93 percent in the second quarter.

Cboe, the largest options and futures exchange in the USA, is said to be waiting on additional clarity from the CFTC before launching.

Meanwhile, rival CME Group's CEO Terry Duffy has said that the company will not introduce futures on cryptocurrencies other than bitcoin in the near future, citing their volatility as the major reason.

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