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CFTC Event Could Bolster ETH Prices on Wednesday

CFTC Event Could Bolster ETH Prices on Wednesday

By Gaurav S. Iyer, IFC Published : February 13, 2018

iStock.com/Adrian Bysiak

Ethereum News Update

The Commodity Futures Trading Commission (CFTC) shouldn’t be the hero traders requested for, but it surely’s the one they acquired when Chairman J. Christopher Giancarlo testified earlier than the Senate Banking Committee.

Giancarlo struck a bullish tone on cryptocurrencies, saying that regulators ought to “do no harm” to non-public sector innovation. He introduced himself and his colleague, SEC Chairman Jay Clayton, as pals of the cryptocurrency market.

Those feedback reversed a market-wide crash in cryptocurrencies. ETH costs have rebounded by 33% since then, bringing the Ethereum to USD trade fee to $835.00. Now they may obtain one other tailwind courtesy of the CFTC.

Ethereum Price Chart

eth price chart for 13 feb

The Commission is internet hosting two panels on Wednesday. Both will characteristic cryptocurrency specialists like Charley Cooper (managing director of R3) and Jerry Brito (govt director of Coin Center) alongside high brass from Washington D.C.

Given the conciliatory tone of the assembly, traders are hoping for a productive final result.

I believe that’s a bit optimistic. These occasions are stage managed by PR professionals—they’re not as substantial as you suppose. Real choices aren’t made in committees; they’re made within the halls of energy.

Nonetheless, if final week is any gauge, we might see a reasonable increase in investor sentiment. Below are some particulars concerning the panels in case you’re desirous about tuning in. (Source: “Technology Advisory Committee (TAC) February 14, 2018 Agenda,” Commodity Futures Trading Commission, final accessed February 13, 2018.)

Panel 1: Blockchain and the Potential Application of Distributed Ledger Technology to the Derivatives Markets

Speakers: Jennifer Peve, Executive Director for Business Development and FinTech Strategy, DTCC; Charley Cooper, Managing Director, R3; and Dan Bucsa, Deputy Director, DMO, CFTC.

Topic: This might be going to develop into a high-level, summary dialogue about blockchain’s potential affect on the derivatives market.

Panel 2: Market and Regulatory Developments with Virtual Currencies and Related Futures Products

Speakers: Jerry Brito, Executive Director, Coin Center; Gary DeWaal, Special Counsel, Katten Muchin Rosenman LLP; Richard Gorelick, Chief Executive Officer, RGM Advisors, DRW; and Amir Zaidi, Director, DMO, CFTC.

Topic: This panel would possibly get into the weeds close to the crypto futures market. Expect to listen to some dialog about how the CFTC plans to control these digital currencies.

Analyst Take

If there’s a lot as a whiff of Ethereum futures, we count on a surge in ETH costs. The CFTC is notoriously circumspect on these points, however who is aware of what’s doable with the current shift in tone. We might even achieve some extra details about a cryptocurrency ETF.

With these potentialities in thoughts, we strongly reaffirm our $1,500 Ethereum value forecast for the tip of Q2.

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