The CME’s plan to offer bitcoin futures will benefit the futures trading and bitcoin communities alike – notwithstanding hand-wringing in both worlds.
Archives for November 19, 2017
Bitcoin’s price rose above $8,100 for the first time on Sunday.
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The bitcoin price has officially achieved a new all-time high price at $8,100, surpassing its previous high at $8,050 established earlier this week.
$10 Billion Awaiting to be Invested in Bitcoin
Analysts have attributed the recent surge in the price of bitcoin to the global bitcoin market’s optimism towards the launch of bitcoin futures by CME and CBOE, two of the largest options exchanges in the world, given that hedge funds including the $95 billion firm Man Group have announced their short-term plans of investing in bitcoin upon the launch of CME’s bitcoin futures exchange debut.
Upon the release of Coinbase Custody, a custodial platform which enables large-scale institutional investors to invest a minimum amount of $10 million in bitcoin and other digital currencies, Coinbase CEO Brian Armstrong revealed that there exists at least $10 billion in institutional money, or “money on the sidelines,” waiting to be invested in bitcoin.
“Over 100 hedge funds have been created in the past year exclusively to trade digital currency. An even greater number of traditional institutional investors are starting to look at trading digital assets (including family offices, sovereign wealth funds, traditional hedge funds, and more). By some estimates there is $10B of institutional money waiting on the sidelines to invest in digital currency today,” said Armstrong.
The $10 billion figure represents the minimum hedge fund managers are allowed to invest in bitcoin. In the upcoming months, depending on the success of CME’s bitcoin futures listing and other trading platforms such as LedgerX, the bitcoin derivatives, options, and futures exchange approved by the US Commodities and Futures Trading Commission (CFTC), total institutional money allocated into the bitcoin space in the short-term could increase significantly.
No Uncertainty Ahead
The global cryptocurrency exchange market has stabilized since the past week, as the price of Bitcoin Cash declined to $1,200. Trading volumes of bitcoin and Bitcoin Cash, which remained above $10 billion, have come back to the $1 to $3 billion range.
In consideration of the termination of the SegWit2x hard fork and the lack of community support for the Bitcoin Gold hard fork that was supposed to occur last month, bitcoin has no uncertainty ahead that could lead to a major price correction. As such, the market has demonstrated absolute confidence in the mid-term growth of bitcoin, as shown in the recent price trend of bitcoin.
In the upcoming months, by early 2018, several analysts predict the price of bitcoin to achieve $10,000, based on the CME futures contracts. As tens of billions of dollars flow into the market at a rapid pace, the price of bitcoin will likely surpass the $10,000 mark with ease at this rate.
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Veritas Mining is creating a buzz in the booming industry of cryptocurrency with the launch of its token sale. The company has recently launched its Initial Coin Offering Pre-Sale with 30% Bonus and is welcoming new investors to invest in the future. With its aim to use one of the cheapest eco-friendly and renewable energy to power crypto mining, the company is literally reshaping the way people conduct mining in the crypto universe. The difference between Veritas Mining and most mining operations is that it uses Eco-friendly and renewable energy, but where they stand out is they use crypto-mining as a core source of revenue to build a foundation to build an ecosystem that in turns support each other to provide different sources of revenue. And it is now taking individuals who are interested in joining the cryptocurrency arena from around the world on board.
“We are advocates of shifting the global need for crypto mining towards clean and renewable energy. And we have one of the world’s cheapest at US$0.035 per kWh and we intend to use it to our advantage.” Said Jeremy Tan of Veritas Mining, while talking about the Company’s current goal. “Our Ponos-Mining Program aims to make it quick, easy and educational in terms of Crypto-Mining, allowing everyone to mine with any PC.” He added. For the investors, Veritas Mining is offering several amazing features and lucrative offers to make sure that their investments are fruitful and secure.
In addition, the company is also offering its own wallet with exchange API integrated. This wallet will make the transactions seamlessly easy and quicker than ever before. Moreover, Veritas Mining has also announced its plans to launch its next application called OneMarketStreet. The app will serve as an open ended online marketplace for anyone who wishes to advertise or sell/buy anything.
“More often than not, why most ICOs fail is not because their ideas were not good or feasible, we think that most ICOs fail due to the fact that they run out of capital before they could finish development. It is either a misjudgment of fund requirement or they simply couldn’t hit their soft or hard caps”. Continued Tan as he shared even more on how he plans to steer Veritas Mining, “We intend to exploit our advantage which is our cheap source of clean and renewable energy to build up our foundation and then develop our ecosystem. Thus, allowing us to be sustainable in venturing towards our ultimate goal of making Veritium fungible”.
Veritium token holders will be paid their share of the revenues in Ethereum every quarter for as long as they hold them, forever.
For more information and to become a part of this epic and future-proof ICO today, please visit the website: www.veritasmining.co
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