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The day crypto traders have been waiting for has finally arrived: Bakkt’s futures platform is now live! The much-anticipated BTC futures trading has already traded over 18BTC in volume early in the London Session, with the first physically settled BTC being traded at 8pm EST on Sept. 22 (00:00 UTC Sept. 23rd).
Why is this launch so special? In contrast with the Chicago Mercantile Exchange and the Chicago Board Options Exchange, Bakkt’s Futures are beyond cash-settled deals. Specifically, Bakkt describes itself as: “the first end-to-end regulated digital asset ecosystem for institutions”.
The Futures are accessible by qualified market participants not only in the US but internationally. In addition, the platform is simple and enjoys extensive blockchain surveillance. In fact, Bakkt’s wallets are covered by a $125M USD insurance policy from the best insurance company in the US, so all funds are completely guaranteed.
The milestone has been cherished by many personalities in the industry, as it is a huge step towards institutional adoption. The well-known researcher, Tom Lee, has tweeted:
“I am very positive on Bakkt and its ability to improve trust with institutions to crypto.”
At the time of writing, eager crypto enthusiasts is still far away from the charts, as BTC hasn’t experienced another upside momentum. BTCUSD is trading at $9,928, being the only cryptocurrency out of the top 10 to stay positive. ETH, XRP, TRX and LTC are down between 5% and 9%. Market cap has also dropped significantly, with TOTAL declining from $266 Bn to $263 Bn.
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