The parent company of the Chicago Board Options Exchange (CBOE), CBOE Global Markets, could be preparing to introduce trading of Ethereum (ETH) futures. As CCN reported, many analysts including researchers at the U.S. Federal Reserve attributed the start of the cryptocurrency market decline to heavy shorting in bitcoin futures markets. Among his targets were Ether and Bitcoin Cash. Although it is worth noting that past year, after Bitcoin futures went live in December, prices came crashing down in a span of few weeks and have still not been able to recover fully from those heavy losses. After that, the top-ranked cryptocurrency took a nose-dive, reaching below $6,000 the following February.
That's because the launch of ether futures would provide an easy way for ether bears to bet against the coin.
"Since December of this year, if one was bearish on any aspect of crypto but did not want to own the underlying, they could short btc", Lee said. Their Bitcoin futures are also based on the same market.
CBOE's rival Chicango Mercantile Exchange (CME) also launched BTC futures in December.
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The price of ETH is most likely to be directly affected by a strengthened/weakened dollar or an increase/decrease in ICO token utility.
Further, CME Group has not planned to roll out ETH futures.
"The futures and options exchange is waiting on the Commodities Futures Trading Commission (CFTC) to get comfortable with the product before its official launch", a person familiar with the matter told Business Insider. The traders are not sure whether to classify this as a positive or a negative development considering the fact that it was the introduction of the BTC futures that marked the beginning of the fall in the BTC prices.
Do you agree with Tom Lee's position on the impact of ETH futures on the prices of ETH and BTC?
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