Tom Lee: CBOE Ethereum Futures May Hurt ETH, But Benefit Bitcoin (BTC)

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Citing an unnamed source with knowledge of the situation, Business Insider reports that CBOE wants to become the first US exchange to list an ethereum futures product, which would transform ether into more of a two-sided market by allowing professional traders to go both long and short on the second-largest cryptocurrency.

Note that Cboe's Futures Exchange (CFE) listed Bitcoin (BTC) futures on 10 December 2017.

The report published by Business Insider, outlining the CBOE communication, had a significant effect on the cryptos in the market.

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Both Cboe and CME Group have been trading bitcoin futures since previous year. The exchange holding company previously based its Bitcoin futures on the Winklevoss's New York-based cryptocurrency exchange as well. The reason for the so called bitcoin and other crypto bubble was as a result of the listing of Bitcoin futures by CBOE in the NY crypto exchange, Gemini Exchange after it got an approval from the Commodities and Futures Trading Commission.

CBOE's rival Chicango Mercantile Exchange (CME) also launched BTC futures in December.

The ETH market has got a fundamental boost with the talks of ETH futures being started in the CBOE by the end of the year but the impact on the prices has been pretty much muted so far. Futures give investors the ability to speculate on prices without having to own the underlying asset. The platform, BTC Futures are not only for physical assets, however, the financial assets can also be traded on it. However, before jumping the gun, the exchange is waiting for clarity from the Commodity Futures Trading Commission (CFTC). Back in June, the SEC cleared the air on the matter of whether Ethereum was a security.

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Earlier, the President of the Chicago Board of Options Exchange Chris Concannon said that the US Securities and Exchange Commission (SEC) has finally eliminated barriers to the potential launch of Ethereum futures. The daily volume has a whopping 93% in the second quarter compared to the first quarter. By contrast, the current open interest - i.e. the total of all open positions in a futures or options contract - rose by 58 percent to 2,400 contracts.

On the other hand, Cboe's competitor CME Group's CEO Terry Duffy, mentioned that CME Group is not looking to go live with Ether Future anytime soon.

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