BTC Trades In Green Even If Cboe Futures Exchange Stops Offering Bitcoin Futures Contracts

Cboe Exchange

Today’s Bitcoin news is rather surprising. You see, Bitcoin live price is often influenced by fundamentals. Good Bitcoin news often leads the cryptocurrency to surge as bad Bitcoin news leads to a dump. However, the price of Bitcoin today is surging even after news broke that Cboe futures exchange will stop offering Bitcoin futures contract from June. Almost every Bitcoin price forecast, Bitcoin price prediction and Bitcoin news today is portraying the price of BTC in a positive light.

Cboe Futures Exchange (CFE) To Stop Offering Bitcoin Futures Contract

On Thursday, Cboe futures exchange announced that it would not be adding Bitcoin futures contracts for March. The platform cited that it needs time to review its involvement in the space. In the post:

“CFE is not adding a Cboe Bitcoin (USD) (“XBT”) futures contract for trading in March 2019. CFE is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading. While it considers its next steps, CFE does not currently intend to list additional XBT futures contracts for trading.”

While no new Bitcoin futures contract will be added to the Cboe futures exchange, the contract that is currently available will remain until it expires it will be June. The Cboe futures exchange didn’t say this but it’s possible that part of its decision to unlist Bitcoin futures is related to its rival exchange, CME Group. Ever since CME Group was founded in 2017, it has stolen a significant share of the Bitcoin futures market from Cboe. CME Group offers a superior Bitcoin futures contract that is cash-settled. What this means is that after the contract expires, one party has to pay the difference between the futures and spot price in USD.

Another competing Bitcoin futures contract that is yet to be approved is the long-awaited Bakkt and ErisX. This platform intends to list Bitcoin futures contract that would be physically delivered. While the Bakkt platform is ready for launch, it is yet to receive the required regulatory green light.

How Has The Price Of BTC Been Affected By This News

As Stated earlier, bad Bitcoin news tends to affect the Bitcoin live price. However, the news about Cboe removing Bitcoin contract doesn’t seem to have affected the price of Bitcoin in any way. At the time of writing, the Bitcoin live price was in the positive zone well above $3850. In fact, it had crossed the key resistance trading at $3,929.500 heading closer to the all-important $4,000 support level. This shows that it is up by 0.43% against the USD. The trading volume over a 24 hour period is $10,581,576,485 and the market capitalization is $69,118,315,143.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$8,079.00
0.97%

The MACD is in the bullish zone and the relative strength index is also in the bullish zone. Since the support at $3900 has been crossed, it’s possible that the Bitcoin live price in today’s Bitcoin price prediction will soon move above $4,000. This will be followed by a minor reversal and another surge higher against the USD. The entire cryptocurrency market will hopefully benefit from this surge.

What do you think about the Bitcoin news today? Will Cboe futures exchange list Bitcoin futures contract again? Will the price of Bitcoin cross the all-important resistance at $4,000? Share your thoughts in the comment section.

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