Nasdaq to List Bitcoin Futures Next Year Say Suspect Bloomberg Sources (Again)
Bloomberg’s unnamed sources return a year later to claim that this time, the Nasdaq is pushing plans again to launch Bitcoin Futures in the new year.
In a recent article published by Bloomberg, two people ‘familiar with the matter’ have leaked that one of the world’s largest exchange companies is eager to launch Bitcoin futures in the new year despite this month’s devastating crypto market crash. According to an undisclosed source, the Nasdaq has allegedly been busy engaging with the United States Commodity Futures Trading Commission (CFTC) for approval of their new derivative product and is banking on “sustained interest” from the crypto trading community going into 2019. Bloomberg’s sources also commented that the new Nasdaq Bitcoin futures “will be based off the Bitcoin’s price on numerous spot exchanges, as compiled by VanEck Associates Corp”. Interestingly, neither Nasdaq officials, VanEck outside representatives nor a spokeswoman for the CTFC responded to comment on this matter.
This is not the first time that Bloomberg has reported on this supposed Nasdaq rumor, citing questionable sources. On November 29, 2017 the publication posted a very similar article stating that the Nasdaq was planning on listing their own Bitcoin Futures in Q2 of 2018 - ‘according to a person familiar with the matter’ - after the Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE) had launched the first Bitcoin futures in December 2017. However, following the catastrophic crypto market crash that ensued not long after the booming record highs we saw in January, the Nasdaq failed to deliver any such product.
This most recent version of the same rumor has now arrived only a week after the Intercontinental Exchange Inc (ICE) announced its revised decision to postpone the launch of its eagerly awaited Bakkt trading platform and physically-settled Bitcoin futures product until January 24, 2019. In the official medium post published on November 20, Bakkt CEO Kelly Loeffler announced that the platform was experiencing delays from the “Volume of interest...and work required to get all of the pieces in place”, which dealt a heavy blow to the already falling crypto market.
With market confidence now at a new all-year low and Bitcoin’s price stagnating below $3,800, there is every incentive to attempt to lure buyers back into this market with the promise of an explosive Q1 next year and new institutional investment.
However, in the absence of sufficient evidence to support the new claim we cannot know for certain if the Nasdaq is in fact planning on launching Bitcoin futures or whether this is a second attempt from Bloomberg to direct the crypto market.