PRESS RELEASE: Despite Tumbling Bitcoin Price Nasdaq Still Moves Ahead With Futures

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The United States’ technology bourse, Nasdaq Inc., is going ahead with its intention of listing bitcoin futures if reports are true. The technology stock exchange seems to be not worried over the sudden plunge in prices especially after November 14 and bets on continued interest on the most valuable digital coin. Significantly, the virtual asset has seen considerable erosion in value after hash war.

Keen On Resolving Concerns

According to Bloomberg Nasdaq has been engaged in resolving the concerns of the Commodity Futures Trading Commission (CFTC) before introducing the contracts. Though the American stock exchange has showed interest in bitcoin futures in 2017 too, it has failed to get going and is now serious in enabling the trading in the first three month period of next year. It is no secret that bitcoin futures have attracted the financial sector despite resistance from big derivative brokerages.

At the same time, Cboe Global Markets and CME Group Inc have introduced the contracts since December last year when the overall cryptocurrency market was ruling at a high. There have been very high hopes that the future contract would offer a fresh era of institution investment on the digital assets. However, that is yet to happen and the hopes of anything round the corner are also diminishing. Aside from that the digital coin price plunged to below $4,000 levels from as much as close to $20,000 around Christmas 2017.

Improved Review Process

Following the introduction of bitcoin futures by Cboe and CME, the CFTC has declared about improved review process for exchanges that are keen to list crypto coin derivative contracts. Significantly, Nasdaq is not the only stock exchange that is showing keen interest on bitcoin derivatives since Interconentinental Exchange Inc, the owner of New York Stock Exchange, indicated its intention of introducing its own contracts from January 24.

In January, Nasdaq CEO, Adena Friedman , indicated that it was looking to launch future contracts and that it wanted to be different from the already offered ones by rivals. The future contract would depend on several spot exchanges’ pricing of bitcoin. This is much similar to CME that uses from four markets. However, Cboe uses just one market to fix the futures contract price.

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