NYSE Chairman Jeff Sprecher says his team was crazy to have been beaten by Bitcoin. forward transactions. Ironically, the NYSE has been a pioneer in the treatment of Bitcoin, introducing its Bitcoin index in early summer of 2016.
At the investor conference sponsored by the Goldman Sachs Group Inc. at New York early December 2017, Sprecher admitted that their failure to track their Bitcoin project could be a simple mistake:
"We can be stupid not to be the first … Do not have the answers, I would like to know … I do not know what to do cryptocurrency. "
NYSE rivals launch futures on Bitcoin
NYSE rivals, the Chicago Board Options Exchange (CBOE) and The CME Group are expected to launch its Bitcoin futures in December. The CBOE will be presenting its futures on December 10 at 5:00 pm Central Time. The first trading day will take place on Monday, December 11th.
Meanwhile, the CME group is expected to launch similar Bitcoin offers on December 18th. These planned offers could be the main reasons explaining the extreme volatility observed in the price of Bitcoin in the last 48 hours. The Bitcoin price has risen to new heights and has seen record declines as bears and bulls fight in the markets
Uncertainty Volatility
Such volatility is likely due to uncertainties the market will react once bitcoin added. These markets will allow large investors, especially traditionally conservative financial institutions, to bet on the price of bitcoin. While some are likely to place large "long" positions, others will probably bypass the asset that they believe to be in a bubble. Futures markets will allow institutions to easily place large "shorts", and there is always the possibility that some of these deep pockets will seek to influence the underlying Bitcoin market to ensure their bets are profitable.
. the initial reaction of the futures markets, these developments show that Bitcoin and other digital currencies are slowly but surely entering the traditional financial sector. The balance of financial power is gradually moving away from the institutionalized historical environment to become a decentralized and much more egalitarian system.