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Intercontinental Exchange holds back on crypto-futures

Intercontinental Exchange holds back on crypto futures

After having put a lot of thought into the idea of futures contracts on crypto currencies such as Bitcoin, Intercontinental Exchange (ICE) has held back the move. According to the chief executive of ICE Jeff Sprecher, the opaque nature of the underlying markets has made them stay put.

It was at a financial services conference in New York that Sprecher said they thought it not a wise move to rush out a product and keep an eye on its performance at other exchanges.

ICE, which owns the New York Stock Exchange, was one of the first movers in the crypto space, having bought a minority investment in virtual currency exchange Coinbase in 2015.

He said that they don’t know what to make of crypto currencies at the moment. He said that ICE is not keen to move forward yet on futures contracts based on the type of assets Coinbase trades.

Earlier, Cboe Global Markets and CME Group have announced the launch of bitcoin futures contracts on Dec. 10 and Dec. 18, respectively. Cboe is another exchange to have hinted an exchange-traded fund based on the red-hot digital asset while Nasdaq is likely to launch Bitcoin futures next year.

Amid a chorus of caution that it is a speculative bubble on the verge of bursting, the value of one Bitcoin was has gone past $14,000 on Wednesday. In the past 24 hours alone, the price of one Bitcoin has increased by over 20 percent across global exchanges, registering a gain of $2000. The increase in momentum has put Bitcoin only behind the largely unknown best performing crypto asset TRON.

In the process, crypto market now nears $400 billion, an astonishing 40-fold increase from just under $10 billion at the start of 2017. The crypto currency which started the year at around $1,000 has been on a roll this year. As the value of Bitcoin soared past the $10,000 a week ago, many of market experts believed that the crypto currency would touch $45000 by 2018 end.