What impact will Bakkt's bitcoin futures have on the BTC price?

Publié le by Cryptoslate | Publié le

Mentionné dans cet article
Bakkt's long-awaited Bitcoin futures contracts are finally live.

Bakkt, a subsidiary of the Intercontinental Exchange, announced that as of 00:02 UTC Sept. 23 the first physically-delivered Bitcoin futures contract was executed at a price of $10,115, marking the launch of its much-anticipated platform.

Unlike other BTC futures contracts in the market like the Chicago Mercantile Exchange, which is only settled in cash, Bakkt Bitcoin futures is settled using real Bitcoin at contract expiry.

The firm is the first "Federally regulated exchange" to offer Bitcoin trading services, according to Bakkt CEO Kelly Loeffler.

It is worth noting that the Chicago Mercantile Exchange Bitcoin futures contracts traded $460 million on its first week.

Its launch does not seem to have had the impact in Bitcoin's price to take it out of the consolidation phase it entered after nearly reaching $14,000 on June 26.Bitcoin technical analysis.

Conversely, a move below the 38.2 percent Fibonacci retracement zone could lead to a breakdown of the pattern that takes Bitcoin to test the 65 percent Fibonacci retracement zone, $6,500.

Despite the tepid impact that Bakkt's Bitcoin futures contracts launch has had in Bitcoin's price, it will certainly improve the trust that institutions will now have about the cryptocurrency market, according to Thomas Lee, the head of research at Fundstrat Global Advisors.

VanEck-SolidX recently set in motion a version of their originally planned Bitcoin ETF that has accumulated an underwhelming $41,000 since launch.

As a result, it remains to be seen if Bakkt is actually able to trigger an influx of capital into the market that allows Bitcoin to reach new yearly highs as trading volume increases.

x