Bakkt physically settled Bitcoin futures trading is live: Bitcoin price sluggish under $10k
|- ICE-backed Bakkt exchange physically settled Bitcoin futures expected to positively impact the market.
- Bakkt Bitcoin futures platform is regulated by the US CFTC.
- Bitcoin price is still unbothered by the launch; currently pivotal around $10,000.
The long-awaited physically delivered Bitcoin (BTC) futures trading is now live on the Intercontinental Exchange (ICE) backed Bakkt exchange. The platform stands out for being the first of its kind to be United States regulated.
The launch has taken place almost a year since the exchange was first mentioned. Delays have been frequent due to regulatory concerns. However, Bakkt was pleased to announce on August 26 that it had secured approval from the US Commodity Futures Trading Commission (CFTC). The launch was later scheduled to start on September 23.
Bakkt is the first to offer physically-settled Bitcoin futures. However, the Chicago Mercantile Exchange and the Chicago Board Options Exchange already offer Bitcoin futures that are currently cash-settled. This means customers get actual Bitcoin at the end of their contract as opposed to a cash (fiat) equivalent.
Impact on the market
Bakkt new platform is expected to impact the cryptocurrency industry positively. Speculation and anticipation surrounding its launch have been growing with each passing week. Many experts believe that the new product will revolutionize institutional clients’ involvement with Bitcoin and other cryptos.
However, despite the launch Bitcoin price is still lethargic below $10,000. The price dived to $9,600 last and immediately recovered to $9,300. The trading over the weekend has remained pivotal around $10,000. No impact has been felt following Bakkt exchange live trading for Bitcoin futures.
Read more: Bitcoin price analysis: BTC/USD lethargic under $10,000
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