Wall Street traders are betting on the growth of bitcoin , according to data from the only regulated US stock exchange offering bitcoin futures .
Now the bitcoin equivalent in CME futures is $ 50-100 more expensive than buying real bitcoin on the spot exchange.
Wall Street is definitely betting on the growth of Bitcoin, since the September contracts have the highest premium. They successfully block the current price by buying Bitcoin futures, and in September they will close the position at higher rates.
Be that as it may, given the volatility of BTC, the cryptocurrency shows lateral movement, which explains the significant drop in futures volumes from more than $ 500 million per day to about $ 160 million.
As we see above, the current price level is a significant resistance, which was initially at the level of $ 6000 and then $ 7000.
Ultimately, the resistance settled in the range of $ 8000-9000, perhaps this is more clearly seen in the example of Ethereum (ETH) .
For any of the fundamentals, the price of ethereum is extremely undervalued, since currently cryptocurrency processes about a million transactions a day with the creation of new addresses, which means that the price should be much higher.
But the mood regarding Ethereum is completely different, no one has yet written an article about the death of an asset, as happened in the case of BTC.
Meanwhile, $ 300 is a very strong resistance, here we mean a range between $ 250 and $ 370.
Nobody knows how events will develop further, but it seems that the bulls are setting the market in motion and the crypto markets are waiting for growth. This is probably why Wall Street's "smart guys" are happy to pay the premium.
Publication date 14.06.2019
Share this material on social networks and leave your opinion in the comments below.
