After a miserable month for the cryptocurrency market, the bear market seems to have finally come to an end with bitcoin now trading above the $4000 support range currently trading around $4200 according to CoinGecko Chart and is expected to rise further. Here are a series of positive developments for bitcoin which were announced in the Consensus event this week which probably led to the price rise.
Nasdaq Bitcoin Futures
Nasdaq, the 2nd largest stock exchange in the world is planning to launch bitcoin futures that will be traded on its stock exchange. The announcement was made by Gabor Gurbacs, the director at VanEck on the consensus event in New York this week. In the announcement, he stated that VanEck has partnered with Nasdaq to bring a regulated cryptocurrency 2.0 futures type contract to the market. This will lead to a massive growth in the cryptocurrency, especially bitcoin’s market capitalization which may further result in a massive price increase in 2019.
World’s First Cryptocurrency Index ETP Launched
The Amun Crypto Basket which was in the news lately for being traded on ‘SIX EXCHANGE’ based in Switzerland has received a massive volume in the market.
The ETP currently tracks 4 cryptocurrencies i.e. Bitcoin, XRP, ETH and Litecoin backed with the index provided by the MVIS. The ETP is trading around $400,000 daily which is a good volume for the start and is ranked high in the Switzerland ETP Markets. Also, most of the investors are using the ETP for holding and not trading.
Securities and Exchange Commission on ETF
In the Consensus event, Jay Clayton, the SEC Chairman laid emphases on the Bitcoin ETF proposed by VanEck. VanEck Bitcoin ETF price index will use the data from 3 largest OTC markets that are Genesis Trading, Circle Trade, and Cumberland as they believe that these are the least manipulated markets. However, the SEC Chairman had some doubts to whether the Bitcoin ETF will be approved until the markets were totally free from the risk of manipulation.
The Bitcoin market looks quite bullish at the moment with the price significantly rising and may soon be able to break the resistance at around $4200 after which is the price is expected to rise massively.