“It’s an orgy” is how one strategist described the breaking news that US regulators have approved Bitcoin futures to start this month.
The US Commodity Futures Trading Commission (CFTC) confirmed Friday that CME Group and CBOE had met the requirements for regulated trading, while Cantor Exchange would also be able to debut Bitcoin binary options.
*CANTOR EXCHANGE TO OFFER BITCOIN BINARY OPTIONS, CFTC SAYS.
— Jared Dillian (@dailydirtnap) December 1, 2017
It's an orgy
The news quickly rippled out across the industry and media, with a stream of delighted bullish statements gracing Twitter and other platforms.
CME starting trading #Bitcoin futures in 17 days! https://t.co/JLDC59gsd4
— WhalePanda (@WhalePanda) December 1, 2017
Bitcoin prices are reacting in kind as of press time, with a surge towards $11,000 well underway. Bitcoin has gained $700 in a matter of hours, with another $600 to go before all-time highs of $11,360 seen earlier this week are challenged.
Curious alternative responses are meanwhile coming from the likes of Digital Currency Group CEO Barry Silbert.
Speaking on CNBC about the futures approval, Silbert told the audience they should look to take profits from the price rally and put them into Ethereum Classic and ZCash.
CNBC "Do you take some #Bitcoin off the table at 10k?" Barry "You should look to diversify across the asset class into $ETC and $ZEC" #ethereumclassic #zcash @barrysilbert ?? pic.twitter.com/AHaKWlA3zU
— Philip Charles (@PhilCrypto77) December 1, 2017
“I think it is going to enable finally the approval of Bitcoin ETFs, and other digital currency ETFs, which is game-changing,” he added.
Ethereum Classic is currently among the biggest successes of Bitcoin’s huge price increases this week, with today’s reversal generating near 30 percent growth for the altcoin.