The kick-off for Project Bakkt and therefore the trading of Bitcoin Futures on the Intercontinental Exchange (ICE) will start today (Monday, July 22) in New York – even though initially only for a test run. At a conference held by Bakkt a few days earlier, market participants reported strong demand for the daily and monthly versions of the Bakkt BTC (USD) Daily Futures.
Originally, Bakkt wanted to be in the starting blocks as early as December 2018, but as the regulators did not give the go-ahead, the schedule was delayed several times. The present, untimed testing phase is intended to demonstrate that the mark provides sufficient demand for Bitcoin futures and that the concept also works in details such as price fixing and physical storage of Bitcoin (BTC). Bakkt himself now calls the 3rd quarter of 2019 as the target date for regular trading in his Bitcoin futures. According to Doctor, Dawn Stump has been notified by the Commodity Futures Trading Commission (CFTC) that Bakkt is eligible and allowed to operate on a regular basis. Stump has stressed that the CFTC is registering a growing public interest in Bitcoin futures and does not regard cryptocurrencies as such as a threat to overall financial stability. Stump expects further, that in the near future also on Ethereum (ETH) based futures could come to the New Yorker stock exchange. There are particularly strict rules for the approval of new financial products for the United States.
Doctor continues to report a very positive tenor of all speakers at the Bakkt conference. Ari Paul of crypto-investment firm Blocktower has called on institutional investors not to miss the opportunities of Bitcoin futures. With annual growth rates of 200 to 300 percent, cryptocurrencies and related assets would have decoupled from other industries. Similarly, Dan Morehead commented on the investment fund Pantera Capital, which predicts a bright future for BTC and ETH as the leading crypto currencies, while many other small tokens could disappear from the market. Several speakers told Doctor that the opportunities and challenges for Bitcoin and Co.
Conclusion: Bakkt starts with Bitcoin Futures and a certain euphoria
As of today, the first trading days in New York will have to show whether the early lobes were eligible for Bakkt Bitcoin Futures and the long wait was worth it. After all, these Bitcoin futures are also the litmus test of how the market accepts this financial instrument. It remains positive to note that Bakkt has obviously been able to work out the concerns of the regulators over months of work, thus paving the way for comparable products, for example on an ETH basis.
Read more at: https://thebitcoinnews.com/bakkt-starts-testing-phase/
