Bitcoin futures debut in US market
One BTC is currently trading at $21,080.29 CAD, on average, as of 12pm, ET, per CoinDesk, having hit a high of $21,552.69 CAD this morning.
Chicago-based derivatives exchange Cboe Global Markets (CBOE.O) became the first regulated exchange to offer Bitcoin futures in a highly anticipated move.
Initial futures pricing indicates that investors expect Bitcoin’s recent bullishness to ease off somewhat amidst fresh bubble predictions.
USB Wealth Management’s global chief economist said cryptocurrencies like Bitcoin are 'the bubble to end all bubbles', according to CNBC, and went on to claim that 'cryptocurrencies only have value if accepted as currencies'; many online merchants no longer accept BTC because of its volatility.
Although, USB just announced its plans to launch a live Ethereum platform, with Barclays, Credit Suisse and others, which aims to help banks comply with stringent new regulatory requirements, so it comes as no surprise that the Swiss banking giant isn’t in a rush to champion Bitcoin.
Ethereum is up nearly 8% today and is currently trading at $610.65 CAD a token, according to CoinDesk, and many believe a boom period is on its way.
CNBC also likened Bitcoin’s trajectory to historic bubble markets such as the Great Depression, the 2008 Financial Crisis, and even the infamous Dutch 'Tulip mania' of the 16th Century.
However, if futures pricing is anything to go by, it's possible we could be witnessing the gradual plateauing of Bitcoin, which would be a good thing because this recent growth is arguably unsustainable.
Litecoin has again exceeded expectations and is up another 30% on Monday, generating waves of positive press; one LTC is currently trading at $250.41 CAD, having topped $200 USD for the first time earlier today.
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