BITCOIN REBOUNDS FROM LOWS, BITCOIN CASH FALLS 6%
On the U.S.-based Bitfinex exchange, bitcoin fell to $9592, down $187.1, or 1.91% after
recovering from a more than 20% slump below $9000 earlier in the session. The popular
digital currency is well below its recent all-time high of $11,771. Bitcoin’s market cap fell to
The sharp swings in bitcoin comes amid signs of growing institutional demand as news
reports suggested that Nasdaq, the second largest stock exchange in the world, plans to
launch futures contracts for Bitcoin next year.
JPMorgan (NYSE:JPM) said last week it was considering whether to provide its clients
access to bitcoin futures following the CME Group’s plan to introduce bitcoin futures before
the end of the year.
"Effective Sunday[,] 10 December 2017 for trade date Monday[,] 11 December 2017, and
pending all relevant regulatory review periods, please be advised that CME will launch Bitcoin
Futures." The CME Group (NASDAQ:CME) noted on its website last week.
The recent wave of optimism concerning bitcoin futures has added to investor hopes that
bitcoin exchange-traded funds will follow the launch of bitcoin futures, which would cement
bitcoin as an established asset class.
Bitcoin cash fell 6.72% to $1,246.40, while bitcoin gold fell 2.17% to $275.
Ethereum, the second largest cryptocurrency by market cap, fell 1.13% to $417.43.