Bitcoin lost value as a result of a major sale by a big investor. Yet massive growth in Bitcoin futures is predicted with new exchanges providing this type of investment instrument. Binance’s Chief Strategy Officer predicts Bitcoin will reach $ 100,000. In the meantime, it trades at huge premiums in Zimbabwe and South Africa.
Crypotocurrencies & Markets
Bitcoin can see significant growth in institutional investment during Q3. Binance, ErisX, and Bakkt are getting ready to launch their derivative platforms. ErisX has divided the trading and settlement functions using traditional DCM (exchange) and DCO (clearing) models. In such a way, institutional investors can maintain a framework they are familiar with. The company gained approval from the US Commodity Futures Trading Commission (CFTC) to offer physically-delivered Bitcoins, rather than the cash equivalent. Bakkt is an institutional investment ecosystem geared to crypto by Intercontinental Exchange, a New York Stock Exchange operator. It will begin rolling out its physical futures in the third week of July.
In a two-week period, the Bitcoin price has fallen from $13,868 to $9,711, with a correction of nearly 30 percent. The "Real 10" volume of Bitcoin remains above $2.9 billion. It is taken from ten exchanges that have a verifiable volume above $1 million. In March, the Real 10 volume was about $300 million with the majority coming from the CME Bitcoin futures and Binance. From the beginning of 2019 the price has increased by over 176 percent inclusive of the recent 30 percent loss, yielding one of the best performances in the global market. The market was crashed on July 1 by a large Bitcoin holder who placed a $200 million short order on Bitfinex.
South Africa and Zimbabwe have recently forbidden all local trading in foreign currencies. As a result, the price of Bitcoin (BTC) has risen as high as $50,000 when purchased from foreign sources. Otherwise, Bitcoin is trading above $10,915 on South African crypto exchange Luno. Other sources claimed that Bitcoin is trading at $76,000 in Zimbabwe.