BITCOIN TUMBLES AFTER SURGE ABOVE $11,000, BITCOIN CASH FALLS 8%
On the U.S.-based Bitfinex exchange, bitcoin rose to $9879, down $107.9, or 1.09% after
rising to an all-time high of $11,441 earlier. Bitcoin’s market cap rose to $165.10 billion.
The rally 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 8.43% to $1,356.7, while bitcoin gold fell 8.93% to $299.98.
Ethereum, the second largest cryptocurrency by market cap, fell 6.56% to $435