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A poll conducted by the German Association for IT, Telecommunications and New Media (Bitkom) unveiled that every third major company in the country considers blockchain technology as groundbreaking as the Internet, according to the press release of the organization.
Based on the extensive research, the Bitkom experts concluded that German entrepreneurs consider blockchain to be one of three most promising technologies along with artificial intelligence (AI) and the Internet of things (IoT)
About 15% of companies-respondents believe that distributed ledger will drastically change the society and the economy, as happened with the advent of the Internet. Nearly 36% of large enterprises, with the number of employees from 500 and above, adhere to this opinion.
Almost half of the survey participants (46%) believe that Germany is late with the development and use of blockchain and is already far behind other countries. 40% of the surveyed state that the country is in the middle of the list of countries that actively use blockchain technology.
A previous Bitkom survey, which was conducted in November 2018, showed that 60% of German companies do not want to address the blockchain matter because they do not know how to find a practical application of the technology.
In February 2018, the organization conducted a study on the awareness of German citizens about bitcoin. Then 64% of citizens reported that they are familiar with cryptocurrency. Meanwhile, in 2016, only 4% of the country's population knew what bitcoin is.
Earlier, a study by the World Trade Organization revealed that blockchain might bring $3 trillion to the economy in the next 20 years.
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World’s second-largest stock exchange Nasdaq is preparing to launch its bitcoin futures contracts in the first quarter of 2019.
A couple of weeks ago, the cryptographic ecosystem suffered a sharp drop in its prices, when the Bitcoin’s value fell around 70% compared to the peak reached in the last quarter of last year.
Despite the recent collapse of the crypto market, the New York stock exchange has announced that it maintains its plans to launch bitcoin futures in the first quarter of 2019 in a joint initiative with the investment management firm VanEck.
In this regard, Gabor Gurbacs, director of digital asset strategy at VanEck, said the companies plan to launch a variety of bitcoin derivatives in the first few months of 2019, including the aforementioned regulated futures contracts. The announcement was made during the Consensus Invest conference held in New York, on Tuesday.
Gurbacs confirmed the information in his Twitter account, ensuring that Nasdaq and VanEck will present transparent, regulated and monitored products of digital assets, such as bitcoin futures contracts.
“@Nasdaq and VanEck’s @MVISIndices announces #index #partnership and intention to bring to market transparent, regulated and surveilled #DigitalAssets products, such as #Bitcoin futures contracts. More info to come,” the publication said.
Bitcoin Futures Contracts
In the last year, Nasdaq has openly shown interest in launching bitcoin futures, but they did not do so before because according to Adena Friedman, CEO of Nasdaq, they wanted their contracts to be different from those that already exist.
On the other hand, after the collapse of the market, several reports indicate that the second stock exchange in the world has taken into account the concerns of the Commodity Futures Trading Commission (CFTC) of the United States – a government independent agency which regulates futures markets – and Nasdaq has been working on it.
The CFTC, which regulates bitcoin as a commodity, has so far approved only two encryption futures products: one from the Chicago Mercantile Exchange (CME) and another from the Chicago Board Options Exchange (CBOE).
However, they are not the only ones who have shown interest in Bitcoin futures.
For its part, ICE (Intercontinental Exchange), Nasdaq’s main competitor, has announced their plans to launch a bitcoin futures product liquidated physically in the first quarter of 2019.
Similarly, the cryptocurrency exchange created by ICE, Bakkt, announced that it would launch bitcoin futures to the market on December 12, but later decided to postpone the launch for next year’s January 24.
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Mainstream media, renowned economists and other crypto critics have killed Bitcoin more than 300 times since its launch. But the digital currency always come back from the dead.
Every bitcoin crash from the past has witnessed a surge in crypto-doomsday theories. As a relatively new market, BTC charts do not behave like any conventional asset out there. They demonstrate wild price fluctuations that are adequately scary for weak-hearted traders. Even then, every serious BTC fall eventually turns into an equally vibrant bullish action. Traders, speculating on the long-term potential of the digital currency, buy the dips, hold on to them, and awaits a rally to exit on a profitable note.
The latest Bitcoin crash somewhat repeats the same cycle of death and resurrection. Only this time, the negativities are more intense presumably because of analysts. Almost every prominent Bitcoin bull had pushed $6,000 as an unbeatable bottom. They had reasons, of course. The said level had defended the bullish forts throughout this depressive year. Every extended selling attempt reversed from $6,000 area. Miners recognized it as break-even level based on their return on investments. Factors such as these led the industry to believe that $6,000 will hold the bears for good.
The belief got shattered on Thursday when Bitcoin established a new yearly low below their presumed bottom. The price found interim support at $5,188, attempted an upside correction, and is now trading at $5,471 on Coinbase at the time of writing. However, the market can extend its selling action, for the correction appears weak. In short, BTC is bleeding and in need of blood bags.
Why 2019 is Crucial
Bitcoin bull Tom Lee almost doubled down his price prediction for the digital currency, from a whopping $25,000 to a modest $15,000 by the end of this year. Whether the market will be able to recover to a five-figure value cannot be known yet, but it certainly has enough going on in the background.
Bitcoin ETF, for instance, still holds relevance to how the digital currency sentiment would be in the future. The US Securities and Exchange Commission (SEC) has rejected nine Bitcoin ETF applications but keeping one under review. The decision about it will come before the last quarter of 2018. VanEck, the ETF’s applicant, is confident about its approval this time, so the bitcoin speculators have enough positive sentiments to keep the market afloat until then.
Similarly, large-scale institutions are launching crypto products to cater to big investors. Fidelity, ICE, Galaxy Digital – the list is growing already. Alex Krüger, a prominent market researcher, claimed that the Wall Street alone had injected $5.9 billion worth of capital into the crypto space. The fruits of such investments will take time to flourish, but they will thrive in a longer run.
In 2017, the Bitcoin market added multi-billion dollars to its market cap within just 33 days. Between the said period, the BTC/USD value shot up to $19,000 from a mere $5,500. And that happened because the speculation was high. In the present, there is speculation. But it is more realistic. So a near-term fall might scare-off day traders but long-term speculators are holding their grounds.
