Some eminent economists agree with the view that the fall in the value of bitcoin at the beginning of 2018 was due to launch futures on bitcoin at leading commodity exchanges of the United States.
This version shares a famous Japanese economist Yukio Noguchi (Noguchi Yukio). He recently said that changing the direction of the cryptocurrency trend was caused by the launch of futures on bitcoin on the grounds of the CME and CBOE
in December 2017.
At the end of last year, the cryptocurrency market capitalization reached almost a trillion dollars. The price of bitcoin went up to around $ 20,000, and the air was worth $ 1400. But with the beginning of the new year, the price of bitcoin and other major cryptocurrencies began to decline sharply, which eventually moved into a 70% correction in over a seven-month period.
Big investors such as CEO of BitMEX, Arthur Hayes (Arthur Hayes), claim that to date the correction in the 70-80% for the nascent cryptocurrency market is quite normal. Especially given the unprecedented growth in the past year.
However, Noguchi sure that the main factor causing the drop in cryptocurrency market was the futures for bitcoin. Noguchi also said that the new futures market will not allow more than the price of the cryptocurrency to grow with such speed as it was before his appearance.
«Because now you can trade futures on bitcoin, you’ll never see such a sharp growth,» he said.
It is worth noting that similar views were expressed by economists every time after a major correction of the cryptocurrency market. Bitcoin has experienced a 70-80% cost reduction in 2010, 2014 and 2016, but every time after that, he set new records and raised above the previously achieved levels. Conceptual correction of 2018 is no different from the correction, is recorded in 2014 or 2016.
However, many analysts have a different view on the issue of impact of futures market on cryptocurrency sector. According to them, a certain number of long and short positions on the futures market exclude the possibility of manipulation.
The fed also said that such market behaviour and trends that are now demonstrating the cryptocurrency market, are normal for new asset classes.
To say that the emergence of the futures market has become the only reason for the correction of 2018 early, as this is no conclusive evidence.