The coverage that cryptocurrencies have attained over the past few days has been more than overwhelming. Two working houses of the US Senate invited Facebook Blockchain Head and Head of the Libra Association, Marcus David. They addressed a series of concerns around the proposed Whitepaper.
Facebook was the forerunner of the project and given the current findings and allegations against Facebook; it has already set its mind. Despite the grilling of Facebook, other things came to light too, that, “Libra is not a cryptocurrency.”
Furthermore, the media attention that was so overwhelming that it even made some crypto-proponents weary of it. Tom Lee, the co-founder of Fundstrat, tweeted merrily,
Washington and media coverage of Crypto and
#bitcoin is turning into ‘too much of a good thing’ because might push @realDonaldTrump towards escalation.
– NEED Brexit, China trade war, Euro banks back in headlines.
– Bitcoin choppy until then.
#BTFD #cryptowinter over
These are all mostly bullish indicators for Bitcoin [BTC] for the long term. However, as Lee cautions, it must all happen in time.
However, the crypto-community, innovation, and attention around it are growing too fast for the media to ignore it as well. According to our sources, there might be another big news coming in for Bitcoin. As reported last year, Nasdaq was planning to launch Bitcoin backed futures contract on its platform like the CME futures.
Mati Greenspan, the Senior Market Analyst at eToro tweeted,
Following all this excellent BTC coverage in financial media and considering the lean yield environment in traditional markets… The BTC backed futures debut on the
@Nasdaq is going to be simply glorious!!!
When asked about the tentative dates of the launch he replied,
Therefore, we should be expecting the launch soon. Moreover, it is highly probable that the fresh volume surge would strengthen the bullish case for Bitcoin [BTC].
Caution must be practiced while trading Bitcoin or any other cryptocurrency. The Bitcoin futures launch happened in December 2017; however, what followed was a bear market. Nevertheless, past performance is not an indication of future results.
What do you expect from the Nasdaq launch? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com