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Bitcoin Futures | NASDAQ Officially Confirms Launch in Early 2019

The world’s second-largest stock exchange in the world, the Nasdaq exchange, has officially confirmed its plans to launch Bitcoin futures in 2019. Late last week, unofficial reports surfaced of the exchange launching these plans, first reported by Bloomberg.

Joseph Christinat, VP of Nasdaq’s media team, spoke to the UK’s daily tabloid The Express yesterday and confirmed the plans. The VP states that these futures will be listed and launched in the first half of 2019—no official date has been given at this time.

Nasdaq Bitcoin Futures

The launch still remains subject to approval from the US Commodity Futures Trading Commission (CFTC).

Christinat told The Express:

“We’ve put a hell of a lot of money and energy into delivering the ability to do this and we’ve been all over it for a long time—way before the market went into turmoil, and that will not affect the timing of this in any way. No. Period. We’re doing this no matter what.”

This is a positive announcement for crypto enthusiasts. Most crypto-related projects that sprouted up in 2017 were knee-jerk reactions to what was hot in the market. This, however, seems like a thoroughly thought out plan that has been brewing for a while.

Joseph Christinat’s interview did not confirm whether Nasdaq’s Bitcoin futures will be cash-backed or physically settled. Bakkt will be launching the first physically delivered Bitcoin futures in this coming January. Cash-settled Bitcoin futures came into the market in December of 2017 by the CBOE and CME Group.

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Back in November 2017, Nasdaq announced the target launch of their Bitcoin futures to be by mid-2018. Their plans hit a snag when Bitcoin and cryptocurrencies began tumbling in the first half of 2018. These plans were pushed back to create a “unique enough” offering to the market.

Bitcoin Price Movement

According to CoinMarketCap, BTC is currently trading at $4,029.40 a coin, up 1.34%, in 24 hours.

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Bitcoin Futures | Nasdaq Claims BTC Futures Contracts are Still Coming

Nasdaq Inc. is still planning to launch its Bitcoin futures early next year, Bloomberg reported early this morning. Two individuals familiar with the Bitcoin project told Benjamin Bain, a reporter at Bloomberg, that despite the downturned market the index still plans on offering these contracts.

Bitcoin Futures

Bitcoin (BTC) has plunged nearly -75% since the beginning of the year and interest in digital currencies has dramatically decreased. Still, the Wall Street exchange feels there is enough investor interest to continue its plans. One of the individuals at Nasdaq told Bloomberg that the company has been working diligently to satisfy the concerns of the Commodity Futures Trading Commission before launch.

The first Bitcoin futures were launched mid-December 2017 by the CME Group Inc. and CBOE Global Markets Inc. Bitcoin (BTC) saw its record high of nearly $20,000 a coin after the first set of Bitcoin futures were launched. At press time, BTC is currently trading at just over $3,700. In December, many thought that these future contracts would usher in a new wave of investment from Wall Street investors, but the fall of digital currencies in 2018 proves that wasn’t the case.

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Nasdaq hopes to launch its Bitcoin futures in Q1 2019. The futures offered in January will be based off Bitcoin’s price on numerous spot exchanges, said Nasdaq.com CEO Adena Friedman. The figures will be compiled by VenEck Associates Corp. The CME uses prices from four different markets, while the CBOE uses just one.

Nasdaq isn’t the only impending Bitcoin derivative though. The New York Stock Exchange owner, Intercontinental Exchange Inc., plans on launching its contracts in late January 2019. There has yet to be an official announcement from Nasdaq Inc., and the reports published by Bloomberg seem to be from unofficial sources. The major exchange could still pull the plug on its plans on Bitcoin futures, especially if Bitcoin (BTC) continues to drop.

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Bitcoin Futures | Bakkt Announces Futures Launch Date!

The launch date for Bitcoin futures on the Bakkt platform has been announced.

Bakkt is a platform for trading, storing, and spending digital assets, and was created earlier in 2018 by Intercontinental Exchange—the parent company of the New York Stock Exchange (NYSE).

Bitcoin Futures Launch Date

According to a document released today, the launch date for trading is December 12th, 2018. The document explains the idea further:

“Each futures contract calls for delivery of one Bitcoin held in the Bakkt Digital Asset Warehouse, and will trade in US dollar terms. One daily contract will be listed for trading each Exchange Business Day.”

The contracts will be physically settled and cleared by ICE Clear US Inc.

Earlier in September, ICE announced that the “first contracts will be physically delivered BTC futures contracts versus fiat currencies.”

Why Create Bakkt?

Bakkt is aiming to offer a federally regulated market for Bitcoin. Through its futures program, it will try to make Bitcoin a secure and trusted global currency with hopes of major adoption by big financial institutions.

Bakkt will create a path for these major money managers to offer Bitcoin mutual funds, pension funds, and ETFs as highly regulated, mainstream investments.

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Bitcoin Futures

Bitcoin futures offer traders the chance to bet on the price of Bitcoin at a later date. Traders can bet and profit accordingly.

The first major exchange to launch Bitcoin futures was the Chicago Board of Exchange (CBOE) in December 2017. The launch of Bitcoin futures caused mania throughout the market, to the point that trading had to be stopped twice due to CBOE speed breakers, which slow or pause trading when price movements are excessive.

Now similar to ICE’s launch of Bitcoin futures, NASDAQ is preparing to launch its own contracts soon.

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