In 2017 the large build up in the price of Bitcoin (BTC) was due to the promise of legitimacy with the upcoming futures markets. Since then the price of Bitcoin has fallen around 67% but the Nasdaq potentially listing tradeable cryptocurrencies in 2019 along with a potential ETF could spark the next bull market.
The Nasdaq and Gemini have been working on listing cryptocurrencies and making them available for trading. Although the details are not clear of which cryptocurrencies will make the cut or when trading will begin, they are aiming for sometime in Q2 2019 as the start date according to anonymous sources from Gemini with knowledge of the situation.
“The conversation around listing coins has centered on how they will be classified from a regulatory standpoint. As you can imagine, our leadership is closely connected to the rumbling at the SEC and CFTC around cryptos and what is expected over the next 3-6 months. Even with the longest of time frames assumed, some guidance will be provided and I expect we will act quickly. The framework (two different sets of framework based on two different regulatory outcomes) has already been laid to create a separate silo for coin listings and a robust trading apparatus. Doing the math here, look for regulatory bodies to provide guidance in Q1 of 2019, and an announcement and a ‘coin exchange’ to either be announced or launched in Q2 of 2019.” -Anonymous Gemini source
If any of the cryptocurrencies are to make the list, it is expected that at least Bitcoin (BTC) and Ethereum (ETH) will be available for trading since the SEC has already deemed that they are not securities. Both currencies are up about 3% at the time of writing in the last 24 hours. Unfortunately, the SEC has not released any guidance on other top cryptocurrencies. Hopefully, we will receive more guidance on other cryptocurrencies sooner rather than later.
“Tyler and Cameron have moved the ball down the field in a meaningful way. Nasdaq, and its leadership, already are predisposed to finding an architecture solution and being the first to list actual tokens. Not just ETF’s or futures or some ‘derivative’ of the crypto apparatus…but rather list actual coins. They are getting very comfortable with the structures they’ve seen from Gemini, and the other research they’ve done with exchanges of note. There is a timeline forming for this decision and it could be earlier than some might think.” -Anonymous Gemini source