According to two people close to the matter, Nasdaq is planning to move ahead with its plan to list Bitcoin futures despite the losses experienced by the cryptocurrency over the a year ago, Bloomberg reports.
Rumours have been floating around that Nasdaq Inc is making progress with the United States futures regulator - Commodity Futures Trading Commission in order to gain an approval to offer its crypto-based futures product.
The New York exchange operator, along with the VanEck company, plans to launch bitcoin futures in the first quarter of 2019. In contrast, a concurrent bitcoin futures product expected to launch in January of next year operated by the Intercontinental Exchange-backed company Bakkt will be physically-settled, meaning investors holding these contracts at expiration would receive payment in bitcoin.
Are you hopeful for the future of cryptocurrency markets in 2019?
At present, Nasdaq seeks regulatory approval to operate with regulator's complaint and on depending the scenario, cryptocurrency market would have two largest stock exchanges (Nasdaq and NYSE) operating Bitcoin futures markets. VanEck announced the launch of regulated futures contracts 2.0.
The Bitcoin market has plunged by more than 80 percent across the spot markets, data from CryptoSlate has shown, but it hasn't deterred the world second largest stock exchange from eyeing the lucrative industry.
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In the meantime, the crypto community is looking to the U.S Securities and Exchanges Commission (SEC), with the hope that the regulator will approve at least one of the several bitcoin ETF proposals before it.
These are cash-settled futures contracts which means that there is no need to move physical Bitcoins for settling these accounts on their expiration.
If the price of bitcoin is much higher than $6,000 on the date of expiry, I get my bitcoin at a huge discount to the market. Also in September, Bloomberg with reference to anonymous sources wrote that the global investment Bank is preparing to launch a swaps the first cryptocurrency at the moment the company already has the technology to launch a new service, it is now studying the demand for it among clients.
Nasdaq has been rumoured to be planning bitcoin futures since the bitcoin bull run in November of previous year.
In mid-November, the head of the crypto division of trading giant Susquehanna Bart Smith said that the launch of products from Fidelity and ICE will help increase the liquidity of bitcoin and draw in this space a significant amount that will have a positive impact on market development.
According to Gabor Gurbacs, VanEck's director of digital asset strategy, the initiative should be considered as some kind of "update" to current regulatory standards in the bitcoin futures market. If that's the case then for the short-sighted, bitcoin these days seems like it could be ripe for the big money to start flowing in 2019.