The initial response to the long-awaited Bakkt Bitcoin (BTC) futures contracts was positive. The asset itself has not responded and today is like Tomorrow, back under the $10,000 price limit.
A positive Start for Bakkt
The crypto industry is expecting this day for months and now it is finally so far. A few hours ago, the physically delivered Bakkt-Bitcoin-Futures contracts went live and the investments began to flow.
At the time of the creation 18 of Bitcoin were already involved in monthly contracts. The first trade was executed shortly after 20 PM ET to $10.115. Trader and Analyst ‘Cantering Clark’ commented that crypto-markets offer access to a lot of liquidity, the traditional markets are missing.
2/2 – BAKKT is essentially recycled liquidity quoted from retail venues.
This is the opposite of the normal liquidity profile of traditional markets.
Now ask yourself, why would $BTC price have jumped upon BAKKT opening?
Those interested are likely already involved.
— Cantering Clark (@Cantering Clark) 23. September 2019
James Putra, head of product strategy at TradeStation Crypto, said to Bloomberg in an Interview:
“The step towards centralization and the creation of a scalable infrastructure for investment in crypto-equipment is a positive step.”
If the current products are successful, plans to ICE, in the next year, a product for traders to offer. At the Moment, over 100,000 dollars are tied to Bitcoin in monthly contracts for all of the contracts data are not yet available.
Bitcoin Market’s Reaction
As would be expected, since the introduction of very little movement on the BTC-trading markets. There was a brief rise over $10k, but the resistance proved too strong, and Bitcoin was a couple of hours in the four digit Region.
At the time of writing, Bitcoin is at $ 9953 and seems to be again on a support in the upper $ to focus on the 9,000 area. The descending triangle formation is still intact, but it is expected a large outbreak, if the pattern is found at the end of this week its conclusion.
Bakkt is still a long-term driver for Bitcoin, although the short-term gains are not likely to happen first.
Text evidence: bitcoinis, Martin Young