Today is the day – the release of futures on Bitcoin by ICE – owner among others by the all-powerful NYSE. This initiative, channeled through the trading platform Bakkt, will allow trading futures on Bitcoin with delivery to maturity.
The fact that the future has a physical deliverable at maturity will help the future price to stay close to the spot price.
The futures on Bitcoin are a handy tool to make price hedges on the cryptographic asset – a very interesting for miners and corporations that make payments and collections with Bitcoin.
The market opens the week in the same way that it closed on Friday. On that day, significant resistance was reached in the Altcoin segment – which is translating into more or less substantial price falls depending on the asset.
The next few days will confirm or disprove the Altcoins season and also the possibilities of having a tremendous upward race towards the end of the year.
ETH/BTC Daily Chart
The ETH/BTC cross is currently trading at 0.02109 and marks the second day in the red after being unable to pass the SMA100 by 0.0215.
Prominent influences with a lot of audience in social networks are hailing the end the Altcoins rally – an opinion I do not share. The technical structure is still in the development phase and retains a strong upside potential – so I predict that the upside movement still has room for development…
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