Amidst the current decline in Bitcoin price, Nasdaq Inc. is moving ahead with plans to launch Futures contracts based on the popular cryptocurrency, Bloomberg reported quoting sources.
Nasdaq has been working to satisfy the concerns of the Commodity Futures Trading Commission before launching the contracts, the report said quoting people familiar with the matter.
The New York stock exchange operator may allow trading on cryptocurrency in the first quarter of 2019.
“The Nasdaq futures will be based off the Bitcoin’s price on numerous spot exchanges, as compiled by VanEck Associates Corp.”
Nasdaq has reportedly been mooting the idea of Bitcoin futures since last year.
Nasdaq, CME Group and CBOE announced plans of listing BTC futures contracts in December 2017, when the price of Bitcoin peaked near $20000.
The soft coin shed its value by three-fourth within a year since then.
The possibility of Nasdaq listing Bitcoin futures contracts is a boost to the struggling cryptocurrency, which remained below the $4,000 barrier against the US Dollar.
If the bearish trend persists, the price is likely to struggle to clear the $3,900 and $4,000 resistance levels in the near term, experts say.
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