First Bitcoin Futures Contract Closes, Shorts Win This Round

in #bitcoin6 years ago


source: cointelegraph

After a tumultuous week in the cryptocurrency space, Chicago Board Options Exchange closed its first Bitcoin futures contract. The CBOE began selling futures on December 10, 2017. Its first contract expired this past Wednesday at $10,900. Bitcoin fell below $10,000 this week. Meanwhile, CME contracts will expire on January 26th. Could this mean another week ahead of Bitcoin lows?

With the first contract expiring this past Wednesday, investors that "shorted" (took out bets that bitcoin was due for a pullback) have likely made very nice profits.

Further rounds of successful futures contracts settlements will build confidence in the market and may lead to altcoin futures contracts as well.

Some in the cryptocurrency community suggest that the whales may be manipulating the market in order to fulfill their futures bets. Since Bitcoin futures must be settled in cash, buy-ins and sell-offs could swing the price. However, such discrepancies would trigger mechanisms designed to prevent it.

Bitcoin is currently trading at $11,800, up 1.6% in last 24 hours.

steemitsig.jpg

Sort:  

Gold and silver speculators and investors loathe the leveraged Chicago and New York paradigm where big players (rumored to be fronting for the government, which would be embarrassed by a big run in precious metals) can throw naked shorts into the market which do not have to be covered in the normal sense. When held for delivery these contracts are declared force majeure and the e-checks are printed by the inflationbot. Never gonna let someone like Bunker Hunt nail their butts to the wall again (as in 1980).

Same thing may be happening from the git-go with this market, considering their reptilian interest in suppressing the Blockchain Revolution, not just BTC.

Interesting thoughts, @quantshaman!

I think it'll bounce around a bit. It still didn't drop to the low everyone predicted of around $8,000, and I think it may dip around there in the next month or so.

Hopefully bitcoin will raise soon... ! @stanhopeofficial

It's going to stabilise for some time, but I've got a feeling that futures / LBTC will allow for manipulation of pricing to an extent, good post iv'e followed you.

Nice article , follow + up

Hey !
Ive made a crypto currency bot : 120 % of profit per week autopilot
the link : https://steemit.com/cryptocurrency/@tkmremi/7l1t5d-crypto-currency-trading-bot
Go read it
Cordially