VanEck Confirms Nasdaq Will Launch Bitcoin Futures 2.0 Next Year
It’s official: Nasdaq will begin offering bitcoin futures contracts in early 2019 as part of a wider effort to boost cryptocurrency adoption, according to VanEck, a leading fund manager. Nasdaq joins a growing list of major market players that are adding credence to the view that cryptocurrencies are here to stay.
Bitcoin Futures 2.0
In partnership with VanEck, the Nasdaq stock exchange is developing “transparent, regulated and surveilled digital asset products” that are due to hit the market early next year, according to Gabor Gurbacs, the head of VanEck’s digital asset strategy. First on the list is a bitcoin futures product that gives investors more options in accessing cryptocurrencies.
According to CNBC, Gurbacs said the forthcoming product was “a regulated crypto 2.0 futures-type contract,” which brings about “new standards for custody and surveillance.” Those comments were made in a panel discussion at the annual Consensus conference in New York.
Hacked first reported on Nasdaq’s ambition to enter the cryptocurrency market in November 2017. Earlier this week, the author followed rumblings that the exchange was finally ready to take the plunge. At the time, it was believed that VanEck’s role would be to compile bitcoin pricing data from various exchanges.
Although Gurbacs didn’t elaborate too much on the new product, his firm has been working closely with the U.S. Commodity Futures Trading Commission (CFTC) to satisfy important regulatory concerns. VanEck is quite familiar with regulatory bodies in its pursuit of the first bitcoin exchange-traded fund (ETF). The company, in collaboration with SolidX, has produced one of the most compelling ETF applications to-date. The U.S. Securities and Exchange Commission (SEC) is still sitting on the proposal, which seeks to list physically-traded bitcoin funds.
Crypto Markets Gather Steam
The flash crash that engulfed cryptocurrency prices over the last two weeks appears to have subsided. Since Sunday, the combined value of all coins in circulation has recovered by as much as $27 billion, according to CoinMarketCap. The combined market capitalization currently resides north of $138 billion.
Following a sharp rally on Wednesday, only four of the top-ten cryptocurrencies were reporting growth on Thursday. They were bitcoin (+2%), Stellar (+2.9%), Tether (+0.7%) and Cardano (+5%). Outside the top-ten, Tron was up 8.5% at $0.0158.
The sharp recovery follows a multi-week stretch where most coins were vastly oversold. The selloff coincided with a hard fork of bitcoin cash, which eventually divided the world’s fourth-largest cryptocurrency. In the wake of the hard fork, bitcoin cash ABC retained the BCH moniker while the competing chain, bitcoin cash SV, went its separate way. BSV is currently ranked ninth by market cap with a total value of nearly $1.7 billion.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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