The Bitcoin futures contracts by Cboe are expiring today. Last time on December 19 when Cboe’s bitcoin futures expired, Bitcoin went from 3,540 to $3,950. Will, Bitcoin see the similar effect this time as well?
Bitcoin Price Effect
Bitcoin is currently trading around $3,679 with a loss of 0.15 percent in past 24-hours as per the data provided on Coinmarketcap. The leading cryptocurrency is currently managing the daily trading volume of $5.5 billion.
Meanwhile, on Bitfinex exchange, Bitcoin is changing hands at $3,691 in comparison to the $3,630 on the majority of other exchanges.
While many analysts are predicting the Bitcoin bottom to hit in sometime around mid-2019, the market currently just might see more red or at least no greens.
The Bitcoin futures contracts of Cboe are expiring today. According to the data provided by Barchart, these contracts have 1 Bitcoin contract size.
The upcoming dates for the Cboe bitcoin futures are here.
As we can see in the data above, the prices are decreasing moving forward. About this, Gabor Gurbacs, the digital asset director at VanEck has this to say,
First launched on December 10 in 2017 as per the official website of the Cboe, under the ticker symbol XBT, these futures are cash settled. These settlements are based on digital asset company, Gemini’s auction price for Bitcoin.
If we take a look at the previous Cboe Bitcoin futures’ expiry data, on October 17, 2018, Bitcoin price took a slight downward shift from $6,580 to $6,540 (approximately). Then on November 14th, from $6,359, Bitcoin dropped to $5,790.
However, the most recent Cboe expiration has been on December 19, when price actually went up from $3,540 to $3,950.
Bitcoin price in December 2018, Source: Coinmarketcap
It is to be seen if Bitcoin will take a rise just like the last time. Or if it will follow the price movement of October and November and see a dip.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.