Forget Crypto Market Crash, Nasdaq Bitcoin Futures Contracts Coming by Q1 2019
Over the last two weeks, Bitcoin has made its investors nervous with its price falling by over 40%. Last Sunday, November 25, Bitcoin price dropped below $4000 making a new low for 2018. Even with a huge panic among retail investors, it looks like institutions remains firm.
According to the latest Bloomberg report, the world’s second largest stock exchange Nasdaq is planning to launch Bitcoin Futures contracts by the first quarter of 2019. Citing internal sources familiar with the matter, Bloomberg says that Nasdaq is currently working with U.S. regulator - Commodities and Futures Trading Commission (CFTC) - to get the regulatory approval to proceed ahead.
Well, Nasdaq’s plans to launch the Bitcoin Futures Contracts is certainly not new to crypto investors. Last year this time, reports regarding Nasdaq’s Bitcoin Futures Contracts came out in the market for the first time. Those were the golden days when Bitcoin was making new records northwards, and on its way to make its lifetime high. Later, Bitcoin went to achieved the $20000 high in mid-December during the launch of CBOE and CME Bitcoin Futures.
Despite the plans are yet to materialize, Nasdaq has been closely observing the crypto space since long. Earlier this year in April 2018, Nasdaq CEO Adena Friedman said that the company is willing to launch a crypto exchange provided the market is properly regulated. She said: "Certainly Nasdaq would consider becoming a crypto exchange over time. If we do look at it and say 'it's time, people are ready for a more regulated market,' for something that provides a fair experience for investors.”
If Nasdaq at all launches its Bitcoin Futures contract in Q1 of 2019, it will be entering a straight competition with ICE’s Bakkt who recently announced to launch its Bitcoin Futures on January 24, 2019.
ICE announced the launch of its Bakkt platform in August this year. Bakkt is a retail trading and Bitcoin futures platforms that aims to increase crypto-use in daily life. ICE has collaborated with big giants across the industry sectors like BCG, Microsoft, and Starbucks for this project.
In September, Bakkt announced for the first time about its physically-settled Bitcoin Futures contracts. The platform was earlier scheduled to launch by the year-end, however, the plans are now moved to Jan. 2019.