If this is true, it could mean a lot for Ethereum.
Speaking with Business Insider reporters, Lee, who has become well-known, if not near-infamous for his seemingly undying bullish sentiment on Bitcoin, noted that Ether futures will allow speculators to weigh down on the price of ETH.
CBOE's bitcoin futures were based on the NY crypto-exchange run by Cameron and Tyler Winklevoss. While anticipation for bitcoin futures contracts is believed to have helped the flagship cryptocurrency surge to a new all-time high of almost $20,000 in mid-December, shorting them is also believed to have helped it drop.
Let us not forget that be it capital market or crypto market, the price of the assets are highly volatile as they are more inclined towards the macro fundamentals. With this, it consolidates investors to speculate on the BTC price except owning BTC. With the Ether Futures it would therefore be possible to bet on the Ether price. The platform, BTC Futures are not only for physical assets, however, the financial assets can also be traded on it. The Cboe is reportedly waiting for SEC greenlight to launch the product officially.
Trump Signals Intent to Nix Proposed Federal Pay Increase
Gerry Connolly, D-Va., who represents many federal workers, blamed what he said was Trump's mismanagement of federal government. Trump frequently trumpets the military pay raise while listing his administration's accomplishments.
Similar to the impact of the initial Bitcoin futures market, which initially helped propel Bitcoin to above $19,000 before aiding in its rapid drop, some analysts view Ethereum futures as a big plus for second largest cryptocurrency.
Even in a market downturn, development in this nascent industry rages, with firms continually releasing innovative products and services that could change the future of crypto.
In June of this year, William Hinman, US Securities and Exchange Commission (SEC) director of corporate finance, said that the agency doesn't consider ethereum's native token a security. The introduction of bitcoin futures, for example, was presumably one of the reasons why it rose sharply for a short time.