BITCOIN LIKELY TO BECOME A NEW ASSET CLASS

CME, the world’s largest derivatives exchange, last week announced that it would launch the futures contract of bitcoin, thus allowing investors to short-sell bitcoins. In this aspect, Leo Melamed, Chairman Emeritus of CME Group said he expected major investors to take part in bitcoin futures and he even stated that he sees similarities between bitcoin and International Monetary Market currency futures trading. According to Melamed, bitcoin could go beyond being a cryptocurrency and represent a “new asset class based on blockchain technology.” Even pundits believe blockchain will allow the transfer of assets without a centralized system and reduce costs of money transfer.


Chinese investors are still trade bitcoin and they are also buying initial coin offerings even though authorities announced weeks before that domestic exchanges would be shut down, this could indicate that Beijing is struggling to crack down on cryptocurrencies. Markets watches were worried with the fact that the Chinese ban on cryptocurrency exchanges would lead to a sharp drop in demand for bitcoin and other popular cryptocurrencies as well. Instead, trading volumes for cryptocurrencies have seen major growth.

source: Investing.com, CNBC

Let’s have a look at the trend of Bitcoin this week:

November 2017 USD: 1 BTC
6th 6,955.00
7th 7,103.30
8th 7,442.40
9th 7,126.20
10th 6,848.70

Things to watch on the market

Tip 1

Investors can consider trading on BTC/USD as this cryptocurrency was recorded trading remarkably through this week’s session.

 

Tip 2

Bitcoin cash and Bitcoin/Gold have been mentioned multiple times in the cryptocurrency markets and they can thus generate good trading opportunities.