Closing of futures on the CBOE Bitcoin is unlikely to affect the leading cryptocurrency

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After the expiration of the last of a futures contract for Bitcoin on 16 June 2019, the CBOE announced that they will be closed indefinitely. Futures Bitcoin CBOE has existed for almost half a year and enjoyed a great popularity among the traders before the onset of a bear market.

Press Secretary, CBOE, Suzanne Cosgrove in an interview with Bloomberg said that the company does not have any plans to introduce a new crypto-currency products for trading on the stock exchange after the decision on closing of futures on Bitcoins, which was announced earlier in March.

Competitors are ready to support futures for Bitcoin

Although since its introduction futures trading on Bitcoin had some influence on its price, but analysts believe they were attributed too great importance to support the growth in the value of the leading cryptocurrency in the period of the rise of the stock market in late 2017.

According to analysts, the closure of the futures market for Bitcoin on the CBOE will not have any significant impact on price movement, as will be compensated by the success of their competitor to Bitcoins futures, the Chicago Mercantile exchange CME Group.

Just last month the CME Group recorded its biggest in the history of the volume of Bitcoin contracts in the amount of 33 700 pieces valued at over $1 billion in a single day, may 13, 2019.

Market analyst Alex Kruger stressed that futures Bitcoin became the second largest traded asset in CME in may, and that demand from companies and accredited investors for him has not diminished.

And because of the Fidelity and Bakkt also plan to add futures on Bitcoin later this year, it is expected that Bitcoin will not stop its pace of growth due to the closure of its futures on the CBOE.

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Tags: CBOE Bitcoin

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