Bitcoin futures will be launching very soon - Sunday, December 10, at 6:00 pm Eastern time. Bitcoin futures will be traded under the ticker symbol XBT.
The market is in a slowed holding pattern today with Bitcoin prices slipping moderately. For those new to the cryptocurrency game, it should be noted that this "correction" is minimal - more turbulence could occur as opening time approaches.
Having said that, one could argue that Bitcoin futures ought to have little to no impact on the actual price of Bitcoin, since the futures are settled in USD, not in Bitcoin. In other words, they have no direct impact on the supply and demand of Bitcoin itself and are merely a "side-bet" with no direct causal effect.
But markets are often affected by sentiment. It is true that futures have no direct bearing on the price of Bitcoin, but if it is perceived that the majority of futures traders are going long, the price ought to increase on buyer confidence. Conversely, if the futures market leans toward short-selling, traders may become fearful and take their profits in anticipation of a large crash.
Right now, it appears that Bitcoin is in a wait-and-see mode, but it is likely that more dramatic activity will occur before opening time tomorrow night. It's possible, however, that the real fireworks might not take place until after futures launch.
source:
https://www.etftrends.com
