May 7, 2019

Ethereum Spikes 10% Amid ETH Futures Approval Rumors

Ethereum has spiked by about 10 percent over the last 24 hours following speculation that the U.S. Commodity Futures Trading Commission (CFTC) may be ready to approve ETH futures trading.

CFTC Open to Ethereum Futures Trading

Ethereum 00, the second-ranked cryptocurrency by market capitalization is currently trading at $175; a 10 percent spike in the last 24 hours. This surge comes amid reports that the CFTC might grant approval for an ETH futures trading product.

After a rumor came out that the U.S. Commodity Futures Trading Commission (CFTC) is willing to approve Ethereum futures contract the price of ETH has pumped by 10%. pic.twitter.com/fXonOWkKh6

— ICO Analytics (@ICO_Analytics) May 7, 2019

On Monday (May 6, 2019) a senior official of the Commission who wished to remain anonymous revealed that the CFTC is open to the idea of approving ETH futures trading. Such a move would Ether trading being made readily available to the broader institutional trading arena in the U.S.

Commenting on the matter, the anonymous source said:

I think we [the CFTC] can get comfortable with an ether derivative being under our jurisdiction. We don’t do bold pronouncements; what we do is we look at applications before us. If they [a derivatives exchange platform] came to us with a particular derivative that met our requirements, I think that there’s a good chance that it would be [allowed to be] self-certified by us.

Back in 2017, the CFTC approved bitcoin futures trading contracts offered by CME and CBOE. These BTC futures trading products offered cash-settled futures contracts.

Ether futures has been a subject of discussion among market commentators since the emergence of CFTC-approved BTC futures. At first, a lack of consensus over whether ETH could be considered security tokens caused some delay.

In mid-2018, the U.S. Securities and Exchange Commission (SEC) cleared the air, saying it didn’t consider ETH to be a security.

At the time, Bitcoinist reported the CBOE President saying the SEC’s decision paves the way for the emergence of ETH futures trading.

Green Day for bitcoin and Altcoin Market

Elsewhere in the cryptocurrency market, Tuesday (May 7, 2019) is turning to be a green day for bitcoin and altcoins alike. BTC is currently north of $5,900, up by more than four percent in the last 24 hours and looks set to break the $6,000 mark.

BTC last traded at $6,000 back in November 2018, before the price crash that saw it tumble to $3,100. The total cryptocurrency market capitalization has also grown by almost $10 billion within the last 24-hour trading period.

Do you think the approval of ETH futures will cause the price of Ethereum to reach a new all-time high? Let us know your thoughts in the comments below.

Images via Twitter @ICO_Analytics and Tradingview, Shutterstock

The Rundown

Published at Tue, 07 May 2019 10:00:43 +0000

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December 19, 2017

Omise Goes High on Ethereum Boost

Nearly all of the altcoins have been enjoying a bumper run up to the holiday season in crypto land. Many record price highs have been broken in the last week or two as it seems like everyone is stocking up on crypto.

Ethereum has seen record price action in the past few days, surging past its previous high of $753 on December 14th to reach a new one of $831 just a couple of hours ago. ETH is up almost 140% from the same time last month, and market capacity is almost at $80 billion.

Omise on the Go

Since many altcoins are based on the Ethereum platform, their success largely depends on it doing well. Once such digital asset that has rode on the back of Ethereum’s rise, and the words of its creator, is OmiseGO. In a post last week, Ethereum co-founder Vitalik Buterin endorsed OmiseGO by tweeting:

Right now my favorite token model is OMG-style staking tokens.

OMG works on a delegated proof-of-stake, which involves validating the network through running nodes that can be voted for. According to reports, rewards are distributed in a democratized way through the ability to vote for which node to validate the transaction. Rewarding good performers and down-voting poor ones should achieve some form of balance on the network and incentivize everyone to perform well.

OmiseGO views blockchain as a data revolution and not so much a storage ledger as in the bitcoin model. Its cryptographic processes are designed to process data which will bring new opportunities for IT infrastructures and companies other than just financially-based organizations. OMG is big in Asia, especially Thailand, where payment trials are currently in operation with companies such as McDonalds. The ethos is to provide those without a bank account a safe and secure wallet for digital transactions.

Up and Running

OMG is already processing payments, and the system is not new to the crypto scene; it was founded in 2013. Transactions are currently taking place, and more organizations are set to test the technology in the coming months when wallet SDKs and the plasma architecture are to be rolled out. Overall, OMG has a solid roadmap for next year.

OmiseGO has gained an extraordinary 4000% since mid-year. Trading as a sub-dollar coin back in July, it has now topped an all-time high of $20.56 just a few minutes ago. Market capacity is just over $2 billion, and the total supply is just 140 million, with over 100 million already out there. Omise still has a long way to GO in 2018.

How far will Omise GO next year? Let us know your thoughts in the comments below.

Images courtesy of Bitcoinist archives, Twitter/@VitalikButerin, and Moody AFB.

The post Omise Goes High on Ethereum Boost appeared first on Bitcoinist.com.

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