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Bitcoin price bearish momentum appears to be fading away very quickly. The resilience shown by the cryptocurrency backed by Bitcoin futures is too strong. Even the Tether hack couldn’t stop the wave of positive momentum and high liquidity. At the time of writing, Bitcoin is trading at $8243, which translates into a market cap of $137 billion.
Why are Bitcoin futures so important, you ask? Well, to start off, it will allow banks and investment companies to offer their customers a product that does not require the necessity to open a crypto wallet or an account on an exchange.
Furthermore, the Bitcoin futures contract has long been of interest to investors as a tool that is practically unrelated to a traditional currency, securities, and industry. It could be used both for portfolio diversification to increase its profitability, and to hedge risks.
Finally, let’s not forget all the Wall Street money that will come pouring in once Bitcoin futures are listed. We’re talking billions of dollars here. Analysts are more bullish than ever on Bitcoin.
Wall Street strategist Tom Lee, a co-founder of Fundstrat Global Advisors, has raised his mid-2018 bitcoin price target to $11,500, anticipating that recent correction has removed “weak hands” from the market.
Lee’s assessment comes from Metcalfe’s Law, a principle that states that the value of communications networks is proportional to the square number of the network’s users.
Max Keiser, host of Russia Today’s Keiser Report, a long-time Bitcoin supporter is bullish on a whole new level. He believes that Bitcoin will ultimately reach a price of $100,000.
Alternate cryptocurrencies are also enjoying a smooth sailing these days. Ethereum is likely to continue the rally after having crossed an all-time high of $421. Other cryptocurrencies to watch out for over the weekend are Bitcoin Cash, Dash and Monero. BCH has posted unexpected gains after hitting the bottom at $1000. It is up again at $1700 range as of now.
Top Stories from the Crypto World
1. Malaysian central bank to issue cryptocurrency regulation in early 2018
Bank Negara Malaysia (BNM), the Malaysian central bank, is expected to issue a directive to regulate the use of digital currencies in the country in early 2018.
According to BNM Governor Tan Sri Muhammad Ibrahim, the introduction of regulations for virtual currencies are intended to prevent abusing the system for criminal and illegal activities and to maintain the stability and integrity of the financial system.
It’d be interesting to see how they will be able to achieve this without putting partial restrictions on cryptocurrencies.
2. Bitcoin is more investment than currency, says Swiss central banker
The chairman of the Swiss National Bank (SNB), Thomas Jordan, has said that central banks are eyeing the issues of cryptocurrencies “very intensively,” adding, “I would look at them more as an investment than a currency.”
“It is important to say it is not a question of technology, but a question of who has access to central bank money and in what form. There are up to now many unsolved questions.” Jordan added.
He further asked central banks to consider possible effects that cryptocurrencies might have on the financial ecosystem.
3. French asset management firm launches Bitcoin mutual fund
TOBAM, a France-based asset management company, has launched Europe’s first Bitcoin mutual fund to offer an alternative investment for institutional investors seeking exposure to Bitcoin.
TOBAM wants to follow CME Group and list Bitcoin futures. The fund also integrates the management of blockchain forks and takes measures to mitigate the risk of loss and theft.
The management firm manages $8.8 billion in fixed income and equities and follows a diversification approach that uses patented research and mathematical definition of diversification to provide exposure in both the fixed income and equity markets.
Christophe Roehri, TOBAM’s head of business development said, “Our goal is to take control of these operational challenges in order to facilitate access for qualified investors willing to gain exposure to Bitcoin. All of that under the format of a fund.”