Bitcoin failed to crash against predictions; ICE announces the list of members at the new Abu Dhabi exchange; US indices end high;
Bitcoin failed to crash against predictions
Several analysts predicted that the bitcoin prices may crash to as low as 44,000 USD. The predictions came ahead of a month-end option expiry at Deribit. In financial markets, the underlying price tend to move towards the most profitable point for options sellers. Institutional options sellers generally hedge the trade by buying the underlying at the time of the sale. This allows the sellers to make risk neutral trades.
Regardless of the theories and predictions, BTC/USD price moved to above 54,000 USD on Friday. It is very possible that the upward momentum will continue through the next week.
Source: https://finance.yahoo.com/news/bitcoin-traders-brace-record-6b-161334983.html
ICE announces the list of members at the new Abu Dhabi exchange
Just ahead of its launch on 29th March, ICE Futures Abu Dhabi Exchange announced the members who are approved to trade and clear at the new exchange. The list consists of 13 members and includes global giants like Societe General, Goldman Sachs and BNP Paribas.
The exchange will list contracts in crude oil, gasoline and naptha.
US indices end high
US markets continued their bull run to this week as well with all three major indices ending high. NASDAQ 100 moved marginally higher to 12979 where as S&P 500 moved up to 3974. Dow Jones Industrial Average also moved up to 33072.
At the end of the last business week of the 1st quarter, US markets have continually maintained a bull run. Most European and Asian markets have also managed to end the quarter in green.
