Bitcoin Price reached $19,600 and increased 9%, and constantly growing towards $20,000

Nishanth Shetty

Nishanth Shetty

December 18, 2017 7:18 am

Bitcoin Price reached $19,600 and increased 9%, and constantly growing towards $20,000 | Coindelite News
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Bitcoin News

The bitcoin price has increased the $19,600 level and it is constantly growing towards $20,000. The market has revealed the optimism towards CME’s bitcoin futures which will be listing today.

CME’s Bitcoin Futures Listing Today

The global finance industry and the Bitcoin market expecting the launch of CME Group’s bitcoin futures today, on December 18, especially after the successful debut of bitcoin futures on the Chicago Board Options Exchange (CBOE).

Completely based on daily trading volume, CBOE and CME will not exceed that of cryptocurrency exchanges and trading platforms in the short to mid-term. From past few days, the daily trading volume of bitcoin across major exchanges in regions including the US, Japan, and South Korea have reached $17 billion, a daily trading volume that is larger than the most stock markets.

But, the CBOE and CME enable the institutional investors and the retail traders to trade large sums of institutional money and capital in bitcoin. Most importantly, upon the debut of bitcoin futures on the CME exchange, the leading investment banks such as Goldman Sachs and JPMorgan is set to clear the bitcoin futures on behalf of their clients.

In the beginning of this month, JPMorgan global market strategist Nikolaos Panigirtzoglou explained his review towards the launch of CME’s bitcoin future exchange.

Nikolaos said:

“The prospective launch of bitcoin futures contracts by established exchanges, in particular, has the potential to add legitimacy and thus increase the appeal of the cryptocurrency market to both retail and institutional investors.”

He also included that in the long-term, regulated instruments such as futures contracts will allow the bitcoin to compare against the traditional asset such as gold.

He explained:

“The value of this new asset class is a function of the breadth of its acceptance as a store of wealth and as a means of payment and simply judging by other stores of wealth such as gold, cryptocurrencies have the potential to grow further from here.”

Bitcoin is growing towards $20,000

 

Major hedge funds, investment firms, and financial institutions including Man Group, Goldman Sachs, and JPMorgan are excited about the launch of CME since October and are committed to clearing bitcoin trades on behalf of their clients, investors, and customers.

The price of bitcoin is moving towards the $20,000 line without any particular amount of the institutional money invested in the bitcoin market. The daily volume of bitcoin is nearing the $20 billion without the major regions such as India and South Korea.

Bitfury vice chairman George Kikvadze explained, it is more difficult for the large-scale hedge funds and investment firms to commit to a particular asset class if it does not have any sufficient liquidity and robust infrastructure surrounding it.

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