THELOGICALINDIAN - Tom Lee believes that the accession of Ether futures trading will accept opposing furnishings on the amount trajectories of the top two cryptocurrencies Lees acknowledgment as the Cboe Global Markets apparatus up to barrage Ethereum futures affairs in accession to its Bitcoin futures trading which debuted in December 2024
According to Business Insider, Tom Lee, a managing accomplice at Fundstrat Global Advisors, believes that Ether futures trading will adapt the amount anecdotal of the market. Drawing from the addition of a agnate artefact for Bitcoin, Lee predicts that Ether [coin_price coin=ethereum] ability chase the aforementioned trajectory.
When BTC futures debuted at the backend of 2017, Bitcoin amount [coin_price] rose to a new best aerial (ATH) of $19,700. After that, the top-ranked cryptocurrency took a nose-dive, extensive beneath $6,000 the afterward February. Presently, Bitcoin is bottomward added than 60 percent from its mid-December 2017 ATH.
Lee is basing his assay on the way cryptocurrency futures trading works – giving traders the adeptness to bet on the amount movement of a ‘coin’ after accepting to own it. By this logic, ETH futures trading will accommodate an befalling for bears to abbreviate Ether.
According to Lee, ETH futures will accommodate a new stomping arena for bears, abating the burden on Bitcoin. Commenting further, Lee said:
However, addition point account acquainted is that Bitcoin futures offered by the Cboe are cash-settled, acceptation that there is no alteration of the basal asset. Also, the bazaar accounts for a baby allocation of the absolute BTC trading arena, so it is absurd that BTC futures trading had any direct impact on the Bitcoin amount trajectory.
The amount of ETH is best acceptable to be anon afflicted by a strengthened/weakened dollar or an increase/decrease in ICO badge utility.
Meanwhile, break advance that the addition of ETH futures is abutting at hand. The Cboe is reportedly cat-and-mouse for SEC greenlight to barrage the artefact officially. Back in June, the SEC cleared the air on the amount of whether Ethereum was a security. At the time, Cboe Chief, Chris Concannon, commented that the accommodation had paved the way for the addition of ETH futures trading.
Do you accede with Tom Lee’s position on the appulse of ETH futures on the prices of ETH and BTC? Let us apperceive your thoughts in the animadversion area below.
Images address of Forbes, Bitcoinist archives
