Many within the crypto community are not aware that the cryptocurrency bubble of late last year was caused by a factor? 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 New York crypto exchange,Gemini Exchange after it got an approval from the Commodities and Futures Trading Commission.
Business Insider quoted an anonymous source that CBOE is awaiting approval from the Commodities and Futures Trading Commission, to start listing ether futures.
Danny Kim, a staff with SFOX a cryptocurrency trading platform in an interview with Business Insider said,
“Cboe’s offering will enable crypto traders to take both long and short positions in [E]ther, and it’s another step forward to a new accepted asset class. With this, I think the new investment opportunity will take crypto out of the bearish market and reverse to a new bull.”
Some of the possible outcomes if this is successful not minding that SEC has not approved any of the applications for the listing of bitcoin ETFs are:
1) Repetition of history: whenever same events takes place, same results are produced. We must expect this listing to affect the entire crypto space since the listing of bitcoin futures last year, did not just make bitcoin to attain it’s highest value of $20089, but also led to increase in the price of other crypto coins and crypto tokens.
2) Attraction of more investors: there is a surge in investors that are interested in crypto after the news of this bubble smoked. Presently, record has shown that there is a rise in crypto activities and also more than double of the investment in crypto tokens in first half of this year when compared to the entire 2017.
3) More government regulations: even though that the government have been showing interest in cryptocurrency before the bubble, there was a rise in their interest during and after the bubble. Hence, it should be expected that same will happen this year and early next year.
4) Forking of ethereum: the bubble led to more activities within the bitcoin blockchain which also led to bitcoin forking to bitcoin private by first quarter of this year. Hence, ethereum hard forking should be expected soon after the listing of ether futures by CBOE.