Tag - Bitcoin Cash

How Market Reaction Softened To Bitcoin Cash Inclusion to Futures in Crypto Facilities?

CME partner, Crypto Facilities, a trading platform for cryptocurrencies, declared the inclusion of bitcoin cash to its futures products list. The digital currency is ranked as the fourth biggest by virtue of market cap. The two companies struck an alliance last year, and that resulted in the launch of the bitcoin futures for the first time in December last year. Though the market has greeted the news initially, the interest towards the digital coin has waned on Monday.

Official Launch

The first bitcoin cash – US Dollar futures have started since Friday in the CME Group’s partner, Crypto Facilities, trading platform. The new product meant that traders and investors could either take a short or long position in the cryptocurrency to get more opportunities in terms of investment, as well as, risk management, coindoo.com reported. Before adding this, the exchange has already provided a futures contract for litecoin, ether, Ripple XRP, and bitcoin.

Crypto Facilities CEO, Timo Schlaefer, told media that “We are pleased to be expanding our cryptocurrency derivatives offering with the launch of BitcoinCash futures. BCH is a top five coin with a market capitalization of around $10 billion* and we expect our new contracts to spur the evolution of the crypto markets by bringing greater liquidity and transparency to the digital asset class.” The digital currency market is developing much like the share market where the futures contract is used for a number of stocks. Hedge funds and institutional investors prefer such products.

Following the addition of bitcoin cash into futures, there will be an expectation of more investors joining to trade in the virtual asset. This is the first regulated futures options by the FCA for the cryptocurrency and will allow professional investors to get them involved in the changing scenario. Their participation will allow the market to widen opportunities and at the same time hedge risk factors more effectively.

Reacting to the developments, Profluent Group CEO, Bert Mouler, said that Japan is happy to make markets in bitcoin cash derivatives. He said that there was a need for proper hedging mechanism for the institutional trading community enjoying a first-class management team. He cited that Crypto Facilities is the first cryptocurrency marketplace to offer such a service. This could probably set the tone for the other exchanges to start the service.

Innovative And Useful

Similarly, bitcoin cash association advisor, Roger Ver, said that the latest addition is one more example of how the virtual currency is moving ahead as the innovative and useful digital coin in the world. One of the biggest mining hardware maker, Bitmain, has also expressed its confidence in the cryptocurrency since it is one of the largest holders.

Though the digital currency market is undergoing pressures due to a variety of reasons currently, the move could be helpful sooner than later. Also, this is a key development to attract institutions once the custodian issue is sorted out. The regulatory ambiguity will clear a lot of issues to attract more investors and traders, who are waiting in the sidelines.

Charges and Counter Charges over Unclaimed Bitcoin Cash

Charges and counter charges over unclaimed Bitcoin Cash

There are charge and counter-charge over the unclaimed bitcoin cash position that was forked last year. While a Chinese investor accused Okcoin of its failure to enable him to claim the digital currency, the cryptocurrency exchange has allegedly responded to say that he failed to claim within an undisclosed deadline. As a result, the matter has landed in a court of law against the exchange in respect of 38.748 bitcoin cash that the plaintiff is focusing for.

Trying To Withdraw

An investor from China has slapped a lawsuit against Okcoin cryptocurrency exchange in what is regarded as the first suit in respect of bitcoin fork of last year, news.bitcoin.com reported. The domestic publication named the plaintiff as Feng Bin, who is alleging that since December last year, he has been trying to withdraw the 38.748 bitcoin cash. He was eligible for that in relation to his balance of bitcoin core held with the exchange during the fork time.

Feng has discovered much to his discomfort that there was no button to dig out the digital coin that the platform has assured. He claimed that he has contacted the company and raised the issue. Following this, the exchange responded to say that there was an automatic claim button that executed the bitcoin cash input to his account. Therefore, he could not claim the virtual asset anymore since the program was removed from its platform. The exchange has pointed out that there was a time limit for withdrawal and if any user failed to do so, then it was impossible to withdraw at a later date.

No Deadline Declared

The plaintiff contention is that there was no deadline set by Okcoin digital coin exchange. He also pointed out the company’s release of August 1 last year saying that the platform will offer users bitcoin cash equal ownership to the holdings of bitcoins on the platform. He indicated that he has been watching the announcement of the exchange and that there was no deadline for removal of the program.

Predictably, the plaintiff is also asking for damages caused mainly because of the Okcoin exchange’s inability to transfer the digital coin in his account. As a result, he is not in a position to sell his holding in the virtual asset when the price peaked in December of last year. Most of the digital coin prices reached their lifetime high at that point in time.

Lack Of Trading Activity

Therefore, the plaintiff has sought about $25,000 or 169,969.22 yuan from the digital currency exchange. On its part, Okcoin has questioned the legality of such claim to holdings. The exchange has also regarded as the lackluster trading activity of Feng conducted during the whole of the year 2017. The exchange termed the trading activity as not a normal thing citing the marketing conditions of last year.

In any case, this is set to deliver a key judgment that will go a long way in helping to deal with such a situation in the future. The key point is that the plaintiff is eligible for the forked bitcoin cash for which he is fighting for.