Testing futures from Bakkt started. Why Bitcoin did not react?

Tonight began testing a Bitcoin-futures trading platform Bakkt from Intercontinental Exchange (ICE). This event was one of the most anticipated and considered by the experts of the niche cryptocurrency as a prerequisite to the growth of the cryptocurrency. Unfortunately, the Bitcoin price reacted negatively over the past day, it dropped almost 5 percent.

Hype will not?

Recall launch date of the platform was announced COO Bakkt Adam white in June. It was assumed that the company will attract the attention of institutional investors who want to trade futures.

Outline deadline in ICE could not since last year. Start Bakkt a couple of times postponed, so news about the platform has not led to such a hype as before. Rather, expectations about events long been embedded in the price of Bitcoin. All who hoped for increase in the price of the cryptocurrency has long bought it. Consequently, the absence of pampas naturally.

Start Bakkt at the time, had postponed several times due to problems with financial regulators. Representatives of the Commission on trade commodity futures (CFTC) had claims on the methods of work of the site and its impact on the market.

Note that Bakkt hosts on its platform, futures with physical delivery of the underlying asset that is bitcoin. The staff of the CFTC are afraid that this scheme may lead to manipulations in the market.

Source: Bitcoin Exchange Guide

Now Bitcoin is trading around 10 021 the dollar. Cryptocurrency is on the verge of a new plum, very soon, its price can fall below a critical support level. Unfortunately, Bakkt did nothing good for the stock market. Possible positive effect will occur in the medium-term future.

Let’s hope the one here is still going to happen. Otherwise will have to hope is having — although it’s not exactly. The other interesting news you’ll get in our cryptodata!

SUBSCRIBE TO OUR CHANNEL IN THE TELEGRAM. HERE SOON!

Leave a Reply

Your email address will not be published. Required fields are marked *