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Cryptocurrency News: LedgerX to Offer Digital Currency Derivatives

Cryptocurrency News: LedgerX to Offer Digital Currency Derivatives

Nick Cawley, Strategist

- The new platform will enable customers to trade and hedge a range of digital currencies.

- Increased regulatory oversight and credibility should open up the digital space to more investors.

Looking for fresh trading ideas? - Get your free DailyFX Third-Quarter Trading Forecast and Trading Guide here.

LedgerX A New Dawn for Cryptocurrency Credibility?

In what many see as a ground breaking move, LedgerX, a swap execution facility (SEF), has been granted a license by the US Commodity Futures Trading Commission (CFTC) to exchange and clear a range of cryptocurrencies, a move that will allow institutions and traders to gain exposure to digital currencies including bitcoin (BTC), and ethereum (ETH).

According to a blog on the company’s website, LedgerX will offer customers a “one-stop shop for tools to buy and sell bitcoin derivatives and all manner of specialized cryptocurrency swaps. This combined offering makes it absolutely seamless for our customers to gain directional exposure, volatility tools and hedging abilities, all under US federal supervision.”

And with the introduction of a federally supervised facility, the increase in acceptability of digital currencies should boost the appeal, and potentially the value of the assets. The LedgerX platform will have the exact same high standard of regulatory oversight and surveillance requirements as other commodities including currency options, gold and oil swaps. The company will launch the facility in September.

“We hope that our offering opens the market to a new set of participants that have so far sat on the side lines, adding billions of dollars of market capitalization to all cryptocurrencies.”

The bullish flag formation identified in Monday’s four-hour bitcoin chart has broken down leaving the July 21 low of $2612.6 as the next potential level of support. BTC currently trade at $2658.

Chart: Bitcoin Price (BTCUSD) Daily Timeframe (March 24 - July 25, 2017)

Cryptocurrency News: LedgerX to Offer Digital Currency Derivatives

Chart by IG

Market Moves/Top 5 Capitalizations – July 21, 2017.

Cryptocurrency News: LedgerX to Offer Digital Currency Derivatives

Chart by Coinmarketcap.

If you are interested in trading digital pairs and would like to practice trading either BTC or ETH you can create a Quick and Free Demo Account Here…

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Don't trade FX but want to learn more? Read the DailyFX Trading Guides

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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