Interpretation of the market | The US market is completely open, will 400 million people buy BTC?

Interpretation today

Earlier today, LedgerX announced the launch of its first physical settlement of BTC futures contracts in the United States, ahead of Bakkt of the Intercontinental Exchange and ErisX supported by TD ameritrade.

LedgerX is currently the only regulated BTC spot and options exchange in the United States, offering contracts ranging from $2,000 to $50,000. Any US resident can trade a real BTC with a futures contract.

More importantly, LedgerX not only provides institutional investors with this new product to many retail investors, but also allows any investor through the KYC process to trade, which is significantly different from other competitors because they issued BTC. Contracts are only open to institutional clients with millions of assets.

LedgerX CEO Paul Chou revealed to CoinDesk that ordinary retail investors can use the company's recently launched Omni platform for trading, and institutional clients can trade various futures contracts directly at LedgerX.

Although LedgerX is not the first BTC futures provider in the US, it is the first company to offer BTC physical futures, which means that when the contract expires, the customer will receive the BTC instead of the equivalent cash.

In addition, traders can also use BTC to purchase contracts, so customers do not need to wait for bank transfers or other restrictions on the US banking system to participate in BTC futures trading.

LedgerX applied for a license for BTC futures to the US Commodity Futures Trading Commission (CFTC) in November 2018 and plans to launch BTC futures in April 2019.

Last month, the CFTC granted LedgerX a designated contract market (DCM) license for final approval by the platform (the company previously obtained approval from the derivatives clearing house and swap execution tools through the CFTC).

Paul Chou said that LedgerX has always been committed to ensuring that anyone can trade their products.

He said:

“For the past 6 years, we have been involved in this industry. We not only let the institutions get involved, but also spend a lot of time educating the regulators to understand why this is important.”

“The pass is for everyone, and we never intend to provide a pass trading service only to hedge funds or institutional clients.” Starting in 2017, BTC futures began to rise in the US, when the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (Cboe) announced that they would launch a cash-settled BTC futures contract. Although the Chicago Board Options Exchange stopped supporting its products earlier this year, the Chicago Mercantile Exchange's trading volume is still considerable. In addition, online stockbroker giant TD Ameritrade is also offering futures contracts on the Chicago Mercantile Exchange to its clients.

Regarding possible future market competition, Paul Chou said that LedgerX does not have to compete with BTC cash contracts. Because the two futures contracts are "completely different."

However, there were not a few followers. Bakkt was founded last year by the parent company of the NYSE (nyse) and was well received. The company and TD ameritrade-backed ErisX both announced their intention to enter the market.

Currently, Bakkt has been certified by the Commodity Futures Trading Commission (CFTC) and is awaiting the charter of the New York Department of Financial Services. Once the charter is approved, Bakkt may be launched within a few weeks.

ErisX also received approval from the CFTC, but has not yet announced a timetable for futures contracts. The company began offering CSI spot trading in April 2019.

The traditional financial market giants are running into the market, and the energy of BTC is not negligible.

Market research

Overall view

Yesterday, the analysis of BTC was up to 10,000 US dollars, which was perfect. Today, the BTC fluctuated within a narrow range. Although it once attacked to 10158USDT, it has not touched the key position. At present, it has broken through the short-term downtrend line and is consolidating its current period. In the short term, the possibility of a BTC consolidation is increasing. For a long time, we are optimistic about the investment value of BTC. At present, we are still in the early stage of the bull market.

In December 2018, we clearly pointed out BNB's investment opportunities in the bear market, and the first to propose that the BNB in ​​the bull market will enjoy Davis double-click (hedging: the platform pass the bear market profit key – the certificate valuation series) 2) In October 2018, we will point out the price cycle of BTC and predict the bottoming time to be around May 2019 ([Classic update reappears] three laws and applications of BTC Bulls and Bears cycle – Freezing Point Outlook A); In April 2018, when the remaining temperature of the bull market had not been exhausted, we indicated that it was a rebound rather than a bull market (whether the bull market is coming? It is the four reasons for the rebound rather than the bull market).

After the opening of the 4-hour Bollinger Band, the price began to shrink. The price remained on the Bollinger Line and the Middle Track. The support below was obvious. The average line was gathered upwards. The Bollinger Band of the daily line gradually closed, and the price of the middle track was obviously suppressed. Slow, the 5th line has signs of wearing the 10-day line. The BTC price has exceeded the 10-day moving average, but the trading volume is slightly insufficient. The support level is 9700USDT and the pressure level is 10600USDT.

ETH also oscillated around 210USDT, with support at 200USDT and pressure at 220USDT.

EOS and BTC remain linked, oscillating around 4.2USDT, support at 3.65USDT, pressure at 4.8USDT.

risk warning

The price of digital pass is fluctuating violently. Investment digital pass is a high-risk investment behavior. Investors should reasonably assess their investment ability and risk tolerance, use leverage carefully, strictly control risks, and invest carefully. Investors are advised to keep in mind that investments are risky and require caution when entering the market.


Personal opinions are for reference only. The analysis in the text does not constitute a recommendation for trading, and the profit and loss is self-sufficient. Welcome to reprint, but need to indicate the source.

Source: Coins