48 Hours After The Announcement The BTC Price Surged With Over 10%

The Bitcoin community was enthusiastic about online crypto exchange Bakkt’s plans to release Bitcoin Futures trading to its platform. Within 48 hours after Bakkt announced they have a green light to launch physically-settled Bitcoin Futures trading, the price of Bitcoin surged up with over ten percent.

The spike happened on Friday, shortly after Bakkt announced that regulators gave the company the green light to launch a Bitcoin futures trading platform. The launch has been already scheduled for September 23rd.

Ordinary futures are cash-settled, so when the expiry date of the contract is reached, the difference between the open and close of a position are settled using cash. Bakkt takes a different approach – their settlement would be done with Bitcoin, which means the amount of Bitcoin in circulation will decrease.

The vast amount of Bitcoins will be stored in Bakkt’s Digital asset warehouse.

The news Bakkt is launching a physically-settled Bitcoin Futures trading platform saw huge approval among crypto traders and enthusiasts. “We are maturing. The Bakkt news is the best bullish move in Bitcoin’s history,” Scott Melker, known as “The Wolf of All Streets,” stated in a Twitter post.

Melker also stated that Bakkt’s move is opening doors for more institutional players to enter the crypto sector. The price of Bitcoin can increase further - the lower the number of circulating BTC is, the highest peaks in BCT price are expected to take place.

On the other side, the bearish trend for Bitcoin seems to continue, despite the price gain and the increase in trading volumes. Bitcoin tested $12,000 but was quickly rejected, falling to sub-$10,000 levels. As of press time, Bitcoin trades for $10,669.49, recovering from a drop to $10,645.

Bitcoin Cryptocurrency Crypto Market Exchanges News bitcoin news

Cookie Policy

Cryptobrowser.io uses cookies to enhance your experience. By continuing without changing your settings, you agree to this use. To provide the best blockchain and crypto media on the web for free, we also request your permission for our partners and us to use cookies to personalize ads. To allow this, please click "OK". Need more info? Take a look at our Cookie Policy.

OK Cookie Policy