CME Group, one of the world’s largest derivatives exchanges, will start intermediating Ether futures transactions on February 8. While it is thought that the bull run of Bitcoin in 2017-18 ended with CME Group, it is wondered how this will affect the price of ether.
CME Group decided to open bitcoin futures transactions in December 2017.
In retrospect, names like Daniela Cambone think that this development could be the point that put an end to the 2017-18 bull run.
JPMorgan expects a drop in price
Ethereum will begin listing in the CME Group in the second week of February. It is known that each contract will be based on a minimum of 50 ether. Contracts to be delivered with fiat currency will be based on exchanges such as Bitstamp, Coinbase, Gemini, itBit, and Kraken. What is unknown is how this listing will affect the market.
JPMorgan analysts led by Nikolaos Panigirtzoglou shared their views on this in their report released Thursday.
JPMorgan’s team of experts stated that the ether price could be negatively affected by CME Group transactions.
Some point to 2 thousand dollars
Ether price rose to over $ 1,750 before this critical date and set a record. Some people think it will continue to move upwards. Gemini founder Tyler Winklevoss, “Ether price will now be calculated over thousands of dollars (not hundreds). Next stop is $ 2,000.” used the expression.
This bullish attitude can also be seen in Vijay Ayyar’s statements. Commenting on the news of the future, Ayyar, one of Luno’s executives, said, “We know that big investors want to trade futures. Now they will be able to do this through CME Group. … Seeing that Bitcoin has risen to $ 40,000, smart investors have already started to switch to Ether. ” said. He believes CME Group will not negatively affect the ether price. As a result of his research, Raoul Pal, founder of Real Vision Group, said, “My Ether position is long now. Found in the statement.