As planned, the much-awaited physically settled Bitcoin futures trading of Bakkt went live today, Sept.23. Although the crypto community is quite excited with the launch, the prices of major cryptocurrencies still look dryer; particularly the crowning crypto Bitcoin is just awake with 0.51 percent.
Notably, Bakkt’s futures launch had no big reflection on the price of Bitcoin at press time. Specifically, the world’s largest cryptocurrency Bitcoin is currently trading at $10004 percent against USD with a brief surge of 0.51 percent within the past 24Hrs. After delays over delays since a year, Bakkt’s physically bitcoin futures contracts are now available for trading. The platform announced the status on its futures trading contract on Twitter, stating;
Bakkt’s physically-settled bitcoin futures contracts begin today, with the first trade executed at 8 pm ET for $10115. The platform is a product of Intercontinental Exchange (ICE), the operator of the New York Stock Exchange and essentially the only futures platform that received approval from the US regulators, Commodity Futures Trading Commission (CFTC).
The key difference between Bakkt’s futures contract with those of existing ones are, these contracts deliver bitcoin once the contract expires, unlike CME and CBOE’s cash-settled contract where clients get cash upon the expiry of the contract.
Following the futures launch, the crypto enthusiasts and traders are expecting a huge push to Bitcoin price which is still missing. On the other side, shortly after the launch, there were total 3 bitcoin that have been traded on Bakkt. Echoing a similar concern, the platform writes;
Bakkt Bitcoin Futures are now actively trading on ICE Futures U.S., while the Bakkt Warehouse continues to onboard bitcoin We take our customers’ trust seriously and are excited to serve this market
In a nutshell, crypto pioneers are expressing the positive response on Bakkt futures launch including Fundstrat Global Advisers Co-Founder Thomas Lee who said; “I am very positive on @Bakkt and its ability to improve trust with institutions to crypto”.
Image Source – Twitter @Bakkt