Bitcoin and Cryptocurrency Markets Go Off With a Bang Closing Out 2017
No one expected bitcoin would rise well over 1200 percent over the course of 2017. At the time of writing bitcoin (BTC) is worth more than ever with an average price of $16,200 per token. Bitcoin’s market capitalization is worth over $270Bn with 16.7Mn BTC in circulation and less than a quarter left to be found in existence. Alongside bitcoin’s triumphant spike the second most valuable market held by Ethereum is also doing exceptionally well. Ethereum markets are up 5 percent commanding a high of $770 per ether with a $74Bn market cap. The entire cryptocurrency community is thrilled with the price advancements of all digital asset markets and has high hopes for the trend to keep continuing.
Coinmama’s Weekly Review
The Largest Options Exchange Worldwide Chicago Mercantile Exchange Launches Bitcoin Futures
On Sunday, December 17 the Chicago Mercantile Exchange (CME Group) opened up its futures markets that stem from the price of bitcoin. The introduction of CME Group’s futures has put a lot of optimism into the markets over the past week. CME’s bitcoin-based derivatives contracts have been higher than its competitor Chicago Board Options Exchange (Cboe). Futures prices have been above the $20K region in comparison to Cboe’s contracts bid at $18K. Retail investors have to purchase bitcoin futures from CME from a brokerage service, and there are not that many companies providing these contracts.
The U.S. Commodity Futures Trading Commission Creates Bitcoin Resources
The discussions revolving around the new bitcoin futures markets from Cboe and CME have sparked a lot of debate. Now one of the U.S. derivatives regulator the Commodity Futures Trading Commission (CFTC) has created a website portal for retail investors investing in bitcoin markets. “[Financial] technologies have the potential for significant or even transformational impact on CFTC regulated markets and the agency itself. One of the most recent marketplace developments driving a lot of interest is the rise in prominence of virtual currencies, specifically bitcoin,” explains the CFTC’s new website.
FCA Chief from the UK Warns Retail Investors About Bitcoin
The UK’s Financial Conduct Authority (FCA) chief executive, Andrew Bailey, doesn’t like the risks and volatility connected with bitcoin. Bailey discussed the decentralized currency on the television BBC broadcast Newsnight. The FCA chief executive warned retail investors the currency is not regulated enough in the UK. “[Bitcoin] is a very volatile commodity in terms of its pricing — If you want to invest in bitcoin be prepared to lose your money — that would be my serious warning,” explained Bailey during the show.
Denmark’s Foreign Affairs Unit Looks to Blockchain
The country of Denmark is very interested in blockchain technology and believes it could be used to distribute foreign aid. In fact, Denmark’s Ministry of Foreign Affairs is working with the two blockchain startups Sustania and Coinify. “There [are] huge opportunities in bringing technological development into play in development cooperation. The use of blockchain and cryptocurrency is merely some of the technologies, which can give us new tools in the development cooperation toolbox,” detailed, Ulla Tørnæs, a minister for Development Cooperation.
Bitcoin Discussed at the Exclusive Group of 20 Meeting
On December 17 the Group of 20 (G20 meeting of nations) discussed the subject of regulating bitcoin worldwide. French Finance Minister Bruno Le Maire has recognized that bitcoin has caused a lot of attention and retail investment worldwide. “I am going to propose to the next G20 president, Argentina, that at the G20 summit in April we have a discussion all together on the question of bitcoin,” revealed Mr. Le Maire’s announcement. It seems many leaders worldwide all want to get ready to regulate and apply guidelines and standards to the bitcoin economy. “There is evidently a risk of speculation,” Mr. Le Maire continued. “We need to consider and examine this and see how — with all the other G20 members we can regulate bitcoin.”
Overall bitcoin and cryptocurrency proponents everywhere are thrilled with the way things are going in the blockchain universe this year and expect great things for 2018. So far bitcoin and ethereum have seen a keen interest from the general public, banks, retail investors and even those who denied the currency years ago. For now, optimism is high, and cryptocurrencies are more valuable than ever before both in price and innovation.
Coinmama’s weekly review is always on a mission to find the very best topics of interest being discussed within the digital currency space. Follow us here every week to keep up-to-date with current events concerning Bitcoin, Ethereum, and blockchain technology innovation.