Cboe Global Markets Hints at Launching Ethereum Futures ๐จ This article is 6 years old...
Cboe Global Markets Hints at Launching Ethereum Futures
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Updated: Apr. 6, 2020 at 1:19 am UTC
Photo by Sam Trotman on Unsplash
The introduction of cryptocurrency-based derivatives poses a potential catalyst for institutional investors to enter the sector, and with Bitcoin futures already available, Cboe Global Markets has revealed that they’re close to launching Ethereum futures.
Ether Futures Coming Soon
As the first exchange to launch Bitcoin futures, Cboe Global Markets has told market makers that it is working on releasing a market for Ether futures, reports Business Insider.
The launch ofย Ethereum-based futures could catalyze an influx of institutional capital and propel prices of the world’s second largest cryptocurrency.
According to Business Insider, the new investment product will be based on Gemini’s underlying Ethereum market and could launch by the end of 2018.
The introduction of the first Ethereum-based derivative could also lead to further investment products, such as an Ethereum exchange-traded fund (ETF).
Currently, the Commodities Futures Trading Commission (CFTC) is reviewing the Ether futures. The news garnered a mix response from investors and traders in the cryptocurrency community, with some denouncing it as a whale-crowded market that is too centralized in ownership.
Launching futures contracts on a cryptocurrency where 70% of the coins outstanding were known to be in the hands of fewer than 100 people, which may well have been borne out of an unlawful securities offering, is unacceptable. https://t.co/hTE4mAGZfB
— Preston Byrne (@prestonjbyrne) August 30, 2018
In December 2017, Cboe President Chris Concannon hinted at the expansion of cryptocurrency-based futures, including those for Bitcoin Cash and Ethereum. In an interview with Bloomberg, Concannon said:
โWe are pleased with the SECโs decision to provide clarity with respect to current Ether transactions. This announcement clears a key stumbling block for Ether futures, the case for which weโve been considering since we launched the first Bitcoin futures in December 2017.โ
Futures exchange CME Group, which also offers a Bitcoin futures market, has announced that they are not launching a competing Ether futures product at this time.
Ethereum Market Data
At the time of press 1:19 am UTC on Apr. 6, 2020, Ethereum is ranked #2 by market cap and the price is up 2.84% over the past 24 hours. Ethereum has a market capitalization of $19.98 billion with a 24-hour trading volume of $10.78 billion. Learn more about Ethereum ›
Crypto Market Summary
At the time of press 1:19 am UTC on Apr. 6, 2020, the total crypto market is valued at at $252.18 billion with a 24-hour volume of $109.58 billion. Bitcoin dominance is currently at 68.30%. Learn more about the crypto market ›
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