- Major digital currencies seem to settle down following widespread declines after the Google-fuelled story.
- CBOE plans to launch derivatives contracts on other cryptocurrencies.
- UK-based cryptocurrency exchange mulls over entering the Bitcoin futures market.
Whipping through major cryptocurrencies one may notice that most of them have settle down lately, after tumultuous hours following the Google story that the company is going to ban all crypt ads from June onwards. However, severe decreases seen of late have brought the Litecoin price below its crucial support which now has become an obstacle for bulls. Therefore traders on this market have to be cautious deciding to enter a long at least until the price gets back above $175 anew.
Litecoin has slipped below its important support area and therefore buyers could struggle going forward if they want to come back above an upper boundary of a descending channel. On the other hand, a breakout of a lower limit of the same channel would allow the digital currency to continue falling down.
When Bitcoin futures were introducing to the CBOE the hype related to cryptocurrencies was outstandingly high. After several months later the same exchange is reportedly planning to expand its crypto-related activity beyond Bitcoin futures. Namely, it wants to launch derivatives contracts on other virtual currencies. According to CBOE President Chris Concannon "the vision is to have a crypto complex", however, he did not specify cryptocurrencies they are targeting but apart from Bitcoin the biggest coins are Ethereum, Ripple, Bitcoin Cash as well as Litecoin.
After drawing a morning star at a H4 interval Bitcoin has not been able to bounce back more substantially so far. However, until the price hovers above this zone a continued increase toward $9350 might be probable.
CoinfloorEX, a London-based cryptocurrency exchange, announced on Wednesday that is was going to enter the Bitcoin futures market as soon as next month. Notice that unlike some of its competitors, Coinfloor will offer physically settled futures contracts, meaning when the contract is set to expire, the actual asset being traded will be delivered (in this case Bitcoin). The Bitcoin futures contracts offered by CME and CBOE are cash settled, and do not deliver Bitcoin to the contract’s owners.