Bitcoin Futures Begin to Trade: No Immediate Effect on Cryptocurrencies Yet
North Korea is known to heavily invest in cryptocurrencies like bitcoin, and in mining them
December 15, 2017
As bitcoin futures began to trade Sunday at 6 pm EST, some predicted more stability in the volatile cryptocurrency. That theory appears to be correct an hour and a half into trading. As bitcoin itself moved up to about $14,900, XBT, the bitcoin future, traded somewhat higher for the January 2018 contract. XBT18 traded at $15,350. Meaning that traders saw it moving at least 3 % higher by next month.
The alternative theory is that futures will actually cause Bitcoin to trade lower. Futures contracts suck up investment that might otherwise go into bitcoin itself, runs the theory.
There is also a kind of conspiracy theory, that someone with the desire to manipulate bitcoin, will first short it through futures contracts. Then hack into an exchange, start a rumor, or otherwise launch mayhem.
North Korea is known to heavily invest in cryptocurrencies like bitcoin, and in mining them. Units of the North Korean or Chinese army could manipulate it by hacking, as described above. All of this is sheer speculation, however.
The tulip bubble mania in 17th century Holland ended abruptly after tulip bulb futures began to trade. Jim Cramer and Jamie Dimon, CEO of Chas Bank, have both called bitcoin an epic bubble.
'Bitcoin crash' among 2018 worries for financial markets, Deutsche Bank warns. https://www.usatoday.com/story/money/2017/12/08/bitcoin-crash-among-2018-worries-financial-markets-deutsche-bank-warns/934364001/