Despite the (well-founded) protests of JPMorgan, Citigroup and other Wall Street brokers, bitcoin futures are set to go live Sunday evening at 6:00 p.m. EST on the Cboe Futures Exchange (CFE). Next Sunday, December 17, the CME Group (CME) is expected to launch its own bitcoin futures.
Currently, bitcoins are mainly traded on one of the many “cash” exchanges that exist around the world — even the largest of which has been subject to outages. Though bitcoin derivatives already exist (LedgerX just launched in October), bitcoin futures are expected to eventually bring the liquidity and stability demanded by large institutional traders and small retail traders alike.
What will happen when this goes live at 6PM EST today 10 December 2017?
I don't think anyone knows!
I saw this quote in an article today:
The number 1 rule of crypto: buy the rumours sell the news. Futures won't drive the price, they'll drive the correction $BTC #BITCOIN
So I will post again around 630PM EST and provide an update to what BITCOIN is doing.... or not doing.
-David #internetguru