Morning traders! A big short is building in Bitcoin, CBOE Bitcoin futs launching this Sunday already and some humor
Good morning traders! The week is well underway and what else is going besides the regular Brexit on/off news?
Apparently, a big short is building in Bitcoin.
Hedge funds are waiting for the 3 big exchanges - CME Group, CBOE and Nasdaq to open up their futures contracts trading, which will make it easier to short the cryptocurrency.
The super-volatile cryptocurrency is currently trading around 11750, with volatility picking up ast week when BTCUSD topped around 11500 and then tumbled approx 20% in a short timeframe.
Craig Pirrong, a business professor in the University of Houston says that this might help to bring the price of the currency in question "a little closer to reality". Whether that works or not, is to be seen, but catch up on the story here on Bloomberg
Screengrab from Bloomberg
CBOE announced yesterday that they would launch their futures trading on on December 10 (yeah it's this Sunday!), beating CME Group to it by 8 days. We already have heard from CME, that their futs contracts trading launches on Dec 18th, while Nasdaq still has not announced their launch date. As of now, only CBOE and CME Group have been granted permission by the U.S. Commodity Futures Trading Commission.
Screengrab from CNBC
User Alcuin on Twitter shares some Bitcoin humor.
alcuin via Twitter
The chart amuses me on many levels, as the jab here is not only at Bitcoin, but mostly at the FED for their extensive money printing.
Criminals are using Bitcoin to hide their dirty money quickly (hey, but we knew that!). But now, apparently even the lowest and most unsophisticated criminals - drug dealers, brothels, gangbangers and whatnot are using the Bicoin ATMs around London to quickly launder their money and tuck it away into the depths of cryptoworld.
Story via Business Insider
OIL
Ole Hansen on Twitter brings us this graph from Saxo Bank /Bloomberg showing the positioning of Brent and WTI on the week of OPEC (last week). Hint - massive long positons, the unwind will be nasty, once that comes.
After OPEC failed to surprise us and delivered exactly what was expected, all eyes turn to weekly inventory and production reports from US and OPEC.
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The irony is that the chart of the FED printing money and BTC is going to correlate simply because those dollars are going to flow into the most profitable investment of our lifetime.
That's true, everybody is looking for yield and dollar is not it
Cheers for sharing that Bloomberg article man. I just have a feeling that it might be a bit of buy the rumour, sell the news type scenario when they're actually launched. Gives people an easy way to hedge by shorting and could put some downward pressure on price early.
I've taken a little bit of profit here, but still holding a large chunk as I don't want to miss the boat if everyone actually just hits buy on day 1 and it goes mental.
Reasonable move, bro, if you're holding some BTC, never forget to bank some, but imo the move has much further to run. Nevertheless, the coming of big boy futures is making many nervous, including me, so i have also banked on some of my cryptos here and there :)
BTMFD.
Forever
wont sell for less then 100k bitcoin
That's the spirit!
Wont it be profitable to convert crypto into some currency with lower market capacity????????? bitcoins are making so mucg progress right now all for what coz it has only 21 million market cap max... if u invest into something into even lower market cap then today or tomorrow u can make way more money
Thanks for sharing helpful information
I will restreemed this post