Black Wednesday January 17,2018 we all saw a crushing blow to BItcoin. Was the sudden dip of BTC caused by the “Futures Market”?
First lets define a Bitcoin Futures Contract.
A Bitcoin futures contract, is an agreement to buy or sell BTC at a future date at an agreed-upon price. (The very first futures closing date was January 17). One party to the contract agrees to buy a given quantity of Bitcoin and take the delivery on a future date while the other party agrees to deliver the asset.
Here are the next two dates of the Bitcoin Futures Maturity Dates
| Symbol | Expiration | Last | Change | High | Low | Settlement | Volume | Int |
|---|---|---|---|---|---|---|---|---|
| XBT/G8 | 02/14/2018 | 11520.00 | -245.00 | 12090.00 | 11030.00 | 11765.00 | 5589 | 1590 |
| XBT/H8 | 03/14/2018 | 11550.00 | -245.00 | 12000.00 | 11060.00 | 11795.00 | 135 | 1183 |
Here is a link to the Futures Market. Bookmark this link and set an alert a couple of days prior.
http://www.cboe.com/delayedquote/futures-quotes
Remember, the Dutch created a futures market for Tulip bulbs at the peak of tulip mania. That bubble bust shortly there after.
Here is another take on the Bitcoin Futures Effect.
Never the less, we need to be ready on Wednesday February 14th. Hey, that is Valentines Day.
Here is another messenger that wrote this 3 days before Black Wednesday.
https://www.linkedin.com/pulse/bitcoin-futures-delicious-irony-patrick-mcconnell/