Nasdaq could launch Bitcoin futures in early 2019

Sources Nasdaq plans to launch bitcoin futures in early 2019

The New York exchange administrator, which was first said to be planning the listing of Bitcoin futures previous year, prefers to facilitate trading in the first quarter of 2019.

While announcing the product, Gurbacs said that the company has collaborated with the commodity futures trading commission to bring in new standards for surveillance and custody.

Back in January, Nasdaq CEO Adena Friedman said the firm was contemplating ways of making its futures distinct from those available at other exchanges. According to one source, Nasdaq's futures will be based off Bitcoin's price on several spot exchanges, as compiled by VanEck.

The enthusiasm from NASDAQ is a good sign that the performance of Bitcoin has not deterred Wall Street from being involved in the crypto market.

The narrative goes that much of the trading of cryptocurrencies up until the end of 2017 has been driven by retail investors and that institutional investors have just started to enter the market. This is in contrast to the Cboe, for example, which only bases their prices based on one exchange, which accounts for a serious price disparity.

"Nasdaq has been working to ensure that the United States swaps regulator's concerns regarding the futures market is addressed before launching the contracts".

Last December, CME Group Inc. and Cboe Global Markets Inc. each opened up their own Bitcoin futures market when the cryptocurrency craze was at its height.

Separately, VanEck is still trying to win approval from the Securities and Exchange Commission to launch the first-ever bitcoin ETF. Furthermore, Gurbacs also said that the Nasdaq Futures would follow the latest regulatory updates.

Bakkt, a cryptocurrency exchange built by ICE, plans to roll out its bitcoin futures market on January 24, after scrapping the original launch date of December 12, 2018.

More than that, the physical backed BTC exchange-traded fund that's been proposed by VanEck with SolidX is also expected to reach a final decision by the SEC by February 27, 2019.

Nasdaq isn't the only impending Bitcoin derivative.

"We believe that 2018 was the year of regulation and 2019 will be the year of implementation."

However, as developing infrastructure for a new asset class requires allocating a large portion of an exchange's resource, it's safe to say that Nasdaq seems certain that the demand for its futures will grow over time. This opinion is shared by the commercial Director of payment system Bitpay Sonny Singh, who is sure that these events will again raise the price of the asset in the next year, and for 2019 it will cost in the range of $15 000-$20 000.

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