It’s finally here. The highly-anticipated Bakkt Bitcoin futures is live and has been for the past week or so but what does it mean for bitcoin long-term?
Specifically, we mean the price of bitcoin as initially, we saw (or didn’t see) very little volatility that was expected with the launch of the platform.
But in the long-term where can bitcoin go thanks to Bakkt?
The subsidiary of the Intercontinental Exchange (ICE) announced that on 23rd September, the very first physically-delivered Bitcoin futures contract kicked off at a price of $10,115, marking the launch of its much-anticipated platform.
The platforms CEO Kelly Loeffler says that the company is the first “federally regulated” platform to provide bitcoin trading services.
With this, more regulatory clarity into the industry could be brought into the space resulting in a more scalable infrastructure that could trigger more conservative investors to get involved. That’s according to James Putra, head of the product strategy at TradeStation Crypto.
As of just Monday, the platform had been live for 24 hours and just under thirty bitcoins worth $280k has already been invested into Bakkt’s monthly contracts.
Soon we could see even more investors flod into the market. Su Zhu of CEO of Three Arrows Capital has said:
“Bakkt will be likely first a trickle and then a flood. The reality is that most regulated futures contracts get low adoption on day 1 simply because not all futures brokers are ready to clear it, many people want to wait and see, the tickers are not even populated on risk systems, etc.”
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!