Crypto markets retreat slightly
After a positive couple of days, the cryptocurrency markets experienced a slight retracement on Wednesday with most coins showing decreases. Bitcoin was down by around 2% to the $8200 level as low turnover pressures continued hitting the market. Ethereum also retreated slightly to the $176 level whilst Ripple continued falling, giving up most of its recent gains to settle at the $0.245 level or a drop of 4%. Other losers were BCHABC, EOS, LTC and BNB which saw decreases of between 2 and 4 percent. The only positive mover was LINK which saw a considerable 6% increase to the $1.88 mark.
No plans for Bitcoin futures for CME
CME Group do not plan to have contracts for bitcoin futures in an interview issued to Markets Media published yesterday.
They also announced that contracts for bitcoin options will be issued early in 2020, based on “increasing client demand” and “robust growth” in its bitcoin futures markets.
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Movement in British pound expected
The sterling is set to be fluctuating heavily today due to UK Prime Minister Boris Johnson’s plans for Brexit. Johnson insisted that the United Kingdom will leave the EU without a deal if the union does not embrace his proposal.
With the deadline at the end of October looming, policymakers from both EU and UK are becoming more impatient.
A recent law passed by parliament shall induce Johnson to ask for an extension. That is if he is unable to obtain a deal on October 17 during the European Union summit. Johnson has proposed the Irish Backstop where he suggests that the hard border needs to be removed following the UK’s departure. Brussels reiterated by insisting it will not accept a deal that entails checkpoints or a hard border.
In an article by the Telegraph, Johnson said this would allow Ireland special concessions from the EU until 2025. Following that, Belfast must choose between following Europe’s or Britain’s laws and regulations. Traders must now check news from Brussels to see whether they will accept or reject Johnson’s ideas. Regardless of the result, the sterling is expected to fluctuate heavily in the coming days.