A few days ago news broke that ICE would be launching bitcoin futures, but prices have hardly moved.
In a news report the other day, it was revealed that there are big developments coming for bitcoin and the cryptocurrency industry.
Developments that likely will transform the industry.
More about it can be found here:
https://steemit.com/bitcoin/@jrcornel/big-news-bitcoin-settled-futures-are-on-the-way
In one news release we got a regulated crypto exchange, custody solutions, and a well respected company moving to start accepting crypto all in one.
The first two will also likely help usher in a crypto ETF.
ETF now even more likely?!
After that news announcement, analysts are now saying there is a very good chance we get a bitcoin ETF approved as soon as this year.
If not this year, it will be Q1 of 2019 at the latest.
That is YUGE!
A bitcoin ETF is the holy grail for crypto investors.
It will allow investors to own bitcoin in their retirement accounts and it will allow them to gain exposure without having to go through risky crypto exchanges.
Basically the asset class will be opened to a whole host of new investors.
However, with all this great news, prices didn't even budge.
Why is that?
I think my biggest take away from this is that news isn't really moving prices like we think it is.
At least not by retail traders at public exchanges.
My big takeaway is that the OTC markets are likely the big drivers for cryptocurrency prices currently.
When a big buy or sell takes plase in those markets it moves markets.
Sometimes those big trades move on news, and sometimes they don't.
In this instance it may take a few days before institutional money decides this news is big enough to warrant getting involved.
If not, we may have to wait until some of these services are actually up and running.
Which may not be that long as bitcoin settled futures are expected to launch as soon as November.
Stay informed my friends.
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