Nasdaq Explores Ways to Introduce Cryptocurrency Futures
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Nasdaq is exploring the idea of introducing cryptocurrency futures. Ms. Adena Friedman, the Chief Executive Officer at NASDAQ, has revealed the news about his decision to CNBC. It will be different from CME and Cboe offerings.
While speaking to the CNBC, she said, the company is working to implement right protocols to reduce the risk associated with Bitcoin futures and ensure that there is a good demand for cryptocurrency futures.
The company has not yet set the timeline to introduce bitcoin futures. However, the recent reports indicate NASDAQ will introduce the Cryptocurrency future in Q2, 2018. The digital currency value has surged considerably with the unveiling of bitcoin future contracts by the CME and Cboe during the end of 2017.
Nasdaq will utilize 50 in deciding the price of bitcoins in contrast to the price of four coins as the base by CME and one bitcoin as the base for Cboe. The bitcoin futures that will be introduced by Nasdaq are of an investment nature.
The exchange is in the assessment mode to determine the demand for bitcoin futures before staging a decision to approach the US Commodity Futures Trading Commission.
The prices of the digital currencies mainly bitcoins have been following a downward path in the recent weeks after surging to the vicinity of $20,000 last month for the first time. It is mainly due to increased regulatory pressure and a major sell off in the recent weeks. The bitcoin market is trading at $11,247 at the time of publishing this report.
The industry players are optimistic about the upward trend of the bitcoin market despite the recent sell off by profit booking by some investors and panic selling.
The Managing Director, Mr. Dave Chapman at Octagon Strategy, a cryptocurrency trading firm, has forecasted the price of $100,000 by the end of this year. He earlier predicted that bitcoin would surpass $10,000 by the end of 2017.
He said many people said his crazy for cryptocurrency market when setting the target for the digital currency in December. There is a lot of hype about the digital currencies worldwide.
