RATE Group | The advent of bitcoin futures sparked the selloff from $20,000, says San Francisco Fed
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The advent of bitcoin futures sparked the selloff from $20,000, says San Francisco Fed

07 May The advent of bitcoin futures sparked the selloff from $20,000, says San Francisco Fed

Posted at 19:44h in Bitcoin News by

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The introduction of bitcoin futures, which gave investors an accessible and liquid avenue to bet against the price of the No. 1 digital currency, played a significant role in the price decline in late 2017 into early 2018, the Federal Reserve’s San Francisco regional bank said.

In a May 7 economic letter from the Federal Reserve Bank of San Francisco, the authors conclude that the introduction of a financial instrument that enables pundits to bet against something can lead to the decline in the price of the underlying asset; comparing bitcoin futures with the securitization of bonds in the early 2000s.

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