Although a Bitcoin futures market is the biggest sign Wall Street is taking cryptos seriously, it is far from the only sign. For example, Bloomberg just added Bitcoin, Ethereum, Ripple, and Litecoin to its price feed.
This is a big gesture, considering that almost all major banks and investment firms use Bloomberg terminals. It is their portal into market movements.
Having these cryptos listed on the terminals means that Wall Street wants a minute-by-minute account of these currencies. It could also mean traders want to start trading these currencies in a big way.
But that’s not all. What makes this truly special is the broader context in which it occurs.
For example, the Commodity Futures Trading Commission (CFTC) rejected an early attempt to create an exchange-traded fund (ETF) that only invests in cryptocurrencies. But the CFTC wasn’t there to be naysayers; they laid out a roadmap to getting the fund approved.
A functioning derivatives market was near the top of the list. Check. A standardized price feed was also on the list. Check. That’s two major steps towards a crypto ETF, my friends.
Prices could explode to the upside if the CFTC reverses its decision. After all, the current boom is courtesy of one measly futures market. Can you imagine what would happen if pension funds and sovereign wealth funds could invest in cryptos?
The total market cap would stretch into the trillions!
Daily Ethereum Chart:
Ethereum Prices Today
At the moment, ETH is down 11.96% against the U.S. dollar. This has the Ethereum to USD exchange rate at $647.63. Also, the Ethereum to Bitcoin rate is down almost an entire 0.01 BTC to 0.03594530 BTC.
Even with this correction, ETH prices are still way above their previous levels. It is probably nothing to worry about.
Analyst Take:
We heartily maintain our $1,500 Ethereum price forecast for 2018.
Source: Price Confidential