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Former IMF economist Mark Dow has dedicated his name to the tradition of derivatives trading when he short-circuited the price of bitcoin since its peak reached in December 2017, averaging $ 20,000. up to a low of $ 3,500 a year later. Now, the legendary crypto-shorts seller jubilant as the first exchange to list the future of bitcoin removes the flagship cryptocurrency, perhaps forever.
"Big Bitcoin Short" Broker Mark Dow Mocks CBOE's Crypto Futures Release
Written on TwitterDow joked that he had dried up the liquidity of the market when he closed his short epic position.
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"I guess that's what happened when I stopped negotiating it," he wrote. "Thanks for the memories! $ XBT R.I.P."
On March 14, CCN announced that CBOE had suspended the addition of new XBT futures contracts. In its announcement, CBOE said it chose to focus Bitcoin Futures while rebadessing its support for cryptographic products.
"CFE does not add a futures contract on Cboe Bitcoin (USD) (" XBT ") for trading purposes in March 2019. The CFE evaluates its approach as to how it plans to continue offering products Derivatives of digital badets for trading purposes. CFE does not currently plan to list additional XBT Futures for trading purposes. Currently listed XBT Futures are still available for trading. "
Joking aside, since I had to roll my #bitcoin every month last year, I noticed that liquidity was getting worse each time. It's hard to buy the story of expanding institutional adoption when you see that. $ BTC $ XBT https://t.co/3gXFjwl5qc
– Dow (@mark_dow) March 14, 2019
Dow said that he was not surprised to see CBOE close its futures market for bitcoins. By breaking the industry's rhetoric that institutional investors are gradually transferring their capital to cryptocurrency, Dow said liquidity in institutional-oriented futures markets is worsening every month.
"Joking aside, since I had to increase my exposure to #bitcoin each month last year, I found that liquidity was getting worse every time. It's hard to buy the story of expanding institutional adoption when you see that. "
CME Reports Record Growth in Bitcoin Futures in 2019
Terry Duffy helped launch the Bitcoin futures on CME in December 2017, and the stock market has grown steadily since | Source: Michael Reaves / Getty Images / AFP
Of course, it's important to put the CBOE announcement in perspective. CBOE's bitcoin futures volumes were still well below those of CME, the only other US market currently offering crypto futures.
CME announced steady growth in this market in 2018, with average daily volume increasing 119% between the first and fourth quarters. Last month, the stock market recorded a record volume of BTC futures contracts traded in one day, with more than 18,000 contracts totaling 90,000 BTCs (approximately $ 350 million) that changed hands.
Bitcoin price rise: a record $ BTC Futures volume on February 19 with over 18,000 contracts traded. https://t.co/X3zW4D861Y pic.twitter.com/Qldb1jaVgw
– CMEGroup (@CMEGroup) February 21, 2019
The exit of the CBOE, a stunning reversal for the crypto-curious exchange
Nevertheless, CBOE went into history in 2017 by becoming the first US stock market to list future bitcoin. At that time, many cryptocurrency buyers had predicted a wave of new investments in the emerging badet clbad and would launch the market to new heights.
According to Federal Reserve badysts, the launch of BTC futures contracts on CBOE and another Chicago stock exchange, CME, has caused the fall of the historic cryptocurrency bubble, allowing bears like Mark Dow to make a fortune by reducing more than 80% the price of bitcoin. .
Mark Dow has cut the price of bitcoin up and down, and the Federal Reserve has blamed traders like him for the rapid collapse of the market. | Source: Yahoo Finance
Although CBOE did not explicitly state that it had definitely stopped Bitcoin support, many believe that the writing is on the wall, at least in the short term. Either way, it's a staggering reversal, as the exchange became the first to take over bitcoin and once boasted of launching a full suite of cryptocurrency products.
Again, these products – including the Bitcoin ETF that CBOE wanted to list – could still happen, but in this market climate, it's hard to imagine that CBOE risks another institutional crypto derivative when it fails. to create enough market as fundamental as a standard bitcoin futures contract.
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