eth futures contract raises priceEthereum is the second largest coin on the market right now and soon its future contracts will be approved by the CFTC.
An official announcement was not made yet but the rumors made their way to the investors and ethereum experienced a nine percent surge in price. Ethereum has become the most well-performing coin on the market because of this.
The future contracts have been deemed as a saving grace for the crypto market as they provide the legitimacy that most investors are looking for in the industry.
As soon as bitcoin’s futures contracts were made official rumors about ethereum following in its footsteps started spreading. This caused the crypto community to look out for any signs of this actually happening.
Back in 2017, derivatives market regulator approved bitcoin futures and right now it is doing the same thing for ethereum. The ether futures contract might not get approved if derivatives exchanges are not offered to the CFTC.
If this ether futures contract gets approved it is going to open new doors of opportunities for Ethereum. John Todaro is an experienced member of this field and according to him, this contract is going to invite investors as they will not have to worry about custody matters.
This whole case has a benefit for the CFTC as well. If the ethereum futures contract is approved then CFTC will gain more control over the ether market. A cash-based futures contract may help CFTC to keep an eye out for any suspicious activity, fraud, and manipulation.
Ethereum was trading at a hundred and fifty-nine dollars ($159) before the announcement was made but after the official announcement it sparked up, hitting the price mark of a hundred and seventy-five dollars ( $175.75).
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