RATE Group | ETH Futures: Bad for Ethereum, Good for Bitcoin, Says Tom Lee
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ETH Futures: Bad for Ethereum, Good for Bitcoin, Says Tom Lee

02 Sep ETH Futures: Bad for Ethereum, Good for Bitcoin, Says Tom Lee

Posted at 13:29h in Bitcoin News by

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Tom Lee believes that the introduction of Ether futures trading will have opposing effects on the price trajectories of the top two cryptocurrencies. Lee’s declaration as the Cboe Global Markets gears up to launch Ethereum futures contracts in addition to its Bitcoin futures trading, which debuted in December 2017.

History Repeating Itself

According to Business Insider, Tom Lee, a managing partner at Fundstrat Global Advisors, believes that Ether futures trading will alter the price narrative of the market. Drawing from the introduction of a similar product for Bitcoin, Lee predicts that Ether 00 might follow the same trajectory.

When BTC futures debuted at the backend of 2017, Bitcoin price 00 rose to a new all-time high (ATH) of $19,700. After that, the top-ranked cryptocurrency took a nose-dive, reaching below $6,000 the following February. Presently, Bitcoin is down more than 60 percent from its mid-December 2017 ATH.

A New Stomping Ground for Bears

Lee is basing his analysis…

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