The Bitcoin price has been struggling so far this year, this past weekend dropping more than 10% and taking its year-to-date losses to 50% of its January peak.
There’s been a lot of negative news for Bitcoin and cryptocurrencies lately, from cyber hacks, dwindling transactions, sky-high power consumption, and criticism from the world’s established financial industry.
But there have been some bright spots too — transaction fees are down, the number of stores accepting Bitcoin both online and in the real world are up, and regulators appear to be favouring a soft touch.
One of the best things for the Bitcoin price this year has been the interest from some of the world’s biggest trading platforms and exchanges — with at least two expected to announce they will soon allow large investors to buy and hold Bitcoin.
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, was revealed last month to have been developing an online platform to buy cryptocurrency, according to a report by The New York Times.
Meanwhile, Nasdaq, which entered into a partnership with crypto-exchange Gemini in April, is also planning on launching a futures market for cryptocurrencies.
These two will be joining Cboe Global Markets and CME Group, which have already begun issuing cryptocurrency futures.
ICE is expected to become the first established equities exchange operator in the U.S. to launch a cryptocurrency exchange.
The Wall Street Journal reported in January Nasdaq had hoped to launch its Bitcoin futures exchange in the first half of 2018 — a deadline that is fast approaching.
Both CME and Cboe entered the Bitcoin market at the top of last year’s bull run in December, when the Bitcoin price was an eye-watering $19,000.
hile many had expected the established financial institutions to at act as a stabilising factor for the immature currency-cum-commodity, Bitcoin and other cryptocurrencies have continued their wild intraday swings.
The introduction of more big exchanges may help Bitcoin and cryptocurrencies to mature, but they could cause the price could fall further before it finds a floor.