CBOE Ready to Launch Ethereum (ETH) Futures Trading This Year

CBOE Ready to Launch Ethereum (ETH) Futures Trading This Year

Cboe is one of the world's largest futures and exchange trading marketplaces.

According to Business Insider, Tom Lee, a managing partner at Fundstrat Global Advisors, believes that Ether futures trading will alter the price narrative of the market. The coin is second in market cap only to Bitcoin, with a convincing use case to boot. By this logic, ETH futures trading will provide an opportunity for bears to short Ether.

The next step, according to the report, is to wait for approval from the CFTC.

Business Insider noted that after the launch of the article, the news triggered an increase in the value of cryptocurrencies in the market. Following this announcement, CBOE Global Markets president Chris Concannon stated that they are now clear to move forward with Ethereum futures. This offers a way for Bitcoin, and now Ethereum investors to hedge against risks in the market by setting a price for the asset, a set amount of time down the line. This option follows the policies of the exchange which also did something similar with the Bitcoin ("BTC") futures market which was launched in December 2017, also based on the famous exchange owned by the Winklevoss twins. Although it is worth noting that previous 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.

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In June of this year, William Hinman, US Securities and Exchange Commission (SEC) director of corporate finance, said that the agency doesn't consider ethereum's native token a security. 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.

The reason for the so called bitcoin and other crypto bubble was as a result of the listing of Bitcoin futures by CBOE in the NY crypto exchange, Gemini Exchange after it got an approval from the Commodities and Futures Trading Commission.

On the other hand, Cboe's competitor CME Group's CEO Terry Duffy, mentioned that CME Group is not looking to go live with Ether Future anytime soon.

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