Nasdaq Plans to Pursue Bitcoin Futures Despite Plunging Prices, Sources Say


Intercontinental Exchange Inc, the parent company of the New York Stock Exchange (NYSE) last week said that it would launch its own contracts on January 24, Bloomberg notes.

The alleged partnership was announced during CoinDesk's Consensus: Invest conference by the VanEck's director of digital asset strategy Gabor Gurbacs.

Nasdaq plan for the first quarter of 2019.

Bitcoin futures briefly captivated the financial world - and drew resistance from large derivatives brokerages - when CME Group Inc. and Cboe Global Markets Inc. used an expedited self-certification process to bring their contracts to market last December at the height of the global crypto craze. Shortly after, the price of Bitcoin continued to climb and reached a new high of almost $20,000 before plummeting down to the $4,000 levels we're at recently. If bitcoin has fallen far below $6,000, I'm still obligated to pay the agreed price (or I can exit the trade before the expiry date). Gurbacs predicts an exciting first quarter in the new year.

"We are the closest that we can be", Gurbacs told Fox Business.

Nasdaq already operates a strict surveillance system on its exchange to pick up signs of manipulation such as wash trading. As Bakkt physically delivers bitcoin to its investors and as such, it could have an actual impact on the supply of the coin and ultimately its price.

Gurbacs didn't disclose whether the anticipated bitcoin futures product between Nasdaq and VanEck's price indexing arm MVIS would be similarly cash-backed.

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As per Bloomberg on November 27, 2018, stock market heavyweight NASDAQ is making headway in its plan to offer bitcoin futures.

However, like Bloomberg's original statement on the matter, not many details were divulged regarding VanEck and Nasdaq's collaborative efforts, potentially indicating that there could be ground-breaking features kept under lock and key.

How Will Nasdaq and Bakkt Impact Bitcoin (BTC)?

However, as developing infrastructure for a new asset class requires allocating a large portion of an exchange's resource, it's safe to say that Nasdaq seems certain that the demand for its futures will grow over time. To put it another way, it's a big deal.

In a blog post on Medium, Bakkt CEO, Kelly Loeffler, explained that the company continues to seek regulatory clarity from the Commodity Futures Trading Commission (CFTC) on their bitcoin futures offering.

Originally slated to launch early December, the Bakkt launch has been pushed back to January 24th, 2019.