CNBC, Lee told
“Bitcoin sees dramatic price changes around Cboe futures expirations,”
“This was something flagged by Justin Saslaw at Raptor Group. We compiled some of the data and this indeed seems to be true. Overall, bitcoin has fallen 18 percent in the 10 days prior to CBOE contract expiration.”
Cboe futures expired Wednesday, as the price of BTC fell to $6,300 – its lowest level since February. Today Bitcoin rebounded and is currently up more than 5%.
In addition to the futures market, there are several other factors that may have attributed to the recent downtown, another exchange hack, probes into Bitcoin price manipulation and ongoing announcements from regulators and governments, such as India and South Korea, addressing the
Cboe bitcoin futures have fallen nearly 70 percent from their December high of $20,500. Despite the move, Lee is standing by his 2018 year-end price target of $25,000.
In response to Lee’s thesis, Chris Concannon, president and chief operating officer of Cboe Global Markets, wrote in an email to CNBC:
“While we are excited about our recently launched Bitcoin futures, the notion that they have materially affected the bitcoin price overstates their influence and ignores other critical facts.
Our strict position limits and the limited open interest in our May and June settlements, suggest that the fall of Bitcoin can be more easily explained by other factors such as the recent regulatory scrutiny around the globe, steps by government tax collectors, the rise of other cryptocurrencies, and declining media interest in the asset.”
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