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Cboe Exchange Wants to Lower Its Bitcoin Futures Prices

Cboe exchange wants to lower its bitcoin futures prices

Cboe Exchange Wants to Lower Its Bitcoin Futures Prices

Cboe exchange wants to lower its bitcoin futures prices

The Cboe wants to change the way it prices bitcoin futures contracts, a move that comes just months after the exchange operator first debuted its inaugural cryptocurrency product.

In a newly published letter to the Commodity Futures Trading Commission (CFTC) dated April 17, CBOE Future Exchange (CFE) managing director Matthew McFarland announced a proposed rule amendment that would lower the minimum increment on its futures contracts from 10 points (worth $10) to 5 points (worth $5) sometime on or after May 1.

The move will have a “positive impact on the market in XBT futures,” McFarland wrote.

The change would apply to single leg transactions, meaning those involving only one contract, and not spread trades, which require an investor to buy and sell two different contracts simultaneously. Spread trades currently have a minimum increment of 0.01 points ($0.01), according to the letter.

McFarland said the decision to make this change was supported by data the company collected since its futures contracts launched in December. He went on to write that “CFE intends to continue to evaluate its experience with the trading in XBT futures and may determine to make future changes relating to XBT futures in light of that experience.”

McFarland continued:

“CFE believes that the impact of the amendment will be beneficial to the public and market participants.”

Such comments coincide with the more positive outlook taken by the company’s leadership in public dialogue on its cryptocurrency products. For example, last month, a senior executive for CBOE Global Markets argued that the market would support a bitcoin-based exchange traded fund (ETF) in a letter to the U.S. Securities and Exchange Commission (SEC).

And while the company did not explicitly push for approval of an ETF, it did use data to bolster the argument that the market at-large could support such a move.

Bitcoin image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Published at Tue, 24 Apr 2018 05:00:18 +0000

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Tether Now Supported on the Ethereum Network

Tether has switched from the previously used Omni protocol to the Ethereum network, citing lower fees and faster confirmations for the switch.

“Tethered” to the Dollar

Tethers are a very controversial product in the cryptocurrency space and have been for months on end. They are a cryptocurrency that is backed by traditional fiat currencies, such as the United States Dollar or the Euro. Many exchanges have adopted tethers, as they offer a method of implementing USD pairs without having to use dollars. This loophole can allow exchanges to work with “dollars” without having to jump through regulatory hoops.

The old tether system used the Omni protocol, a system that allows for custom smart contracts using the bitcoin network’s security. The switch to Ethereum is exciting, as they’ve already migrated USDT and EURT to the new network.

Ethereum blockchain

The company announced that the switch was due to high fees and slow confirmations, two problems that Ethereum offers a solution to. Tether has launched the new contracts and is in the process of transferring value across the chains. It may take some time for a full roll out onto Ethereum.

Concerns About the Token

Tether has come under fire as of late for some questionable actions. Many are still awaiting a full third-party audit on the tether reserves. The reserves are bank accounts that Tether claims have a matching number of dollars as the number of USDT in circulation. More eyebrows were raised when it was discovered that tether has a clause in their ToS stating they have no obligation redeem the tethers at face value.

Concerns about the Tether token

Tethers can only be purchased by institutional investors, not the public. So far, over $1.5 trillion has been produced by Tether, which is currently being using in circulation by exchanges and individuals worldwide.

Do you think that Tether’s switch to the Ethereum blockchain was a smart move? Do you use tethers? Let us know in the comments down below!

Images courtesy of Pexels, AdobeStock

The post Tether Now Supported on the Ethereum Network appeared first on Bitcoinist.com.

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