Before Nasdaq makes the move, the New York Exchange made attempts to start a similar one, whereas both of the two names have been careful in their studies and setting the strategy needed.
November 28, 2018 | AtoZ Markets- Nasdaq Incorporation is reportedly starting a plan to list Bitcoin futures, betting on “sustained interest” in spite of the sharp decline the market witnessed the last year, as per media reports.
Over the last period of time, Nasdaq was trying to line up with the direction of the Commodity Futures Trading Commission, which is the main watchdog in the United States, according to “two people familiar with the matter”, as Bloomberg described.
Nasdaq’s step comes in follow-up of what the New York exchange planned for the last year, where the latter was looking for listing Bitcoin futures, amid current reports of starting trading in the mentioned currency on the exchange during the first quarter of 2019.
It is worth mentioning in that context to remind that the market had witnessed prosperous indications of Bitcoin futures, as it was said to have dominated the arena when both of the CME Group Inc. and Cboe Global Markets Inc. brought their contracts to market through a “self-certification process” last December, when cryptos reached their peak.
There seems to be a kind of race between the big financial names
Adena Friedman, Nasdaq Chief Executive Officer, had stated last January that the exchange was studying how to distinguish its contracts from those offered by competitors.
News reports revealed earlier this year that the Nasdaq futures was planned to be based off the Bitcoin’s price on numerous spot exchanges, as compiled by VanEck Associates Corp, while the latter was said to have been pursuing an approval from the Securities and Exchange Commission for a cryptocurrency-based exchange-traded fund.
On the other hand, the New York Stock Exchange owner Intercontinental Exchange Inc. announced in its turn last week, that it will launch its own contracts on Jan. 24, next year.
Bitcoin prices have witnessed today, at the time of press, an increase of around 8.15%, after plunging sharply from around $20,000 to less than $4,000 over the last two weeks.