Weekly Price Analysis: Bitcoin Scaled New Price Heights After CME Group’s Announcement

[coincrypto]

Bitcoin is scaling new price heights.

On October 31, 2017, CME Group — the world’s largest regulated derivatives exchange — announced its plans to launch bitcoin futures contracts. It is the first licensed U.S. trading platform to accept cryptocurrency. This was precisely the reason for Bitcoin’s price to sky-rocket to the value of $6,619 - the highest value ever!

However, there was more to come. Bitcoin has been becoming more and more expensive during the week, reaching another highest level - $7,449 on November 3! Moreover, as the SegWit fork is coming, the price is expected to increase to about $10,000.

https://coinidol.com/bitcoin-scaled-new ... ouncement/

[ZINTIPS]

What is the real correlation or the future effect on Bitcoin prices due to the adoption of CME futures of bitcoin after Dec. 2017?

I do not quite understand how will CME be able to deliver bitcoin through futures at the end of an expiration period when bitcoin is a decentralized system, peer to peer without the third party CME?

How will CME be able to accomplish futures unless they buy bitcoins in the decentralized system and transfer to their CME wallet the bitcoins and deliver the coins to future buyers at expiration? Since the CME and Bitcoin exchange is not the same systems how will this be accomplished by law without jeopardizing the decentralized exchange?

e-gold was eventually banned legally due to the 3rd party connection and if CME gets its foot in the bitcoin decentralized door, it could result in a legal mess in the futures. Already CME trades gold futures digitally which cause gold manipulation by rolling contracts digitally by postponing physical delivery of gold and rolling them into future digital contracts. Having said all of this I am doubtful that CME futures in bitcoin will be of any good for bitcoin holders, and the risk of manipulation.