Bakkt futures testing has begun. Why did Bitcoin not react?
Tonight began testing Bitcoin futures on the Bakkt site from the Intercontinental Exchange (ICE). This event was one of the most anticipated and was considered by cryptocurrency niche experts as a prerequisite to the growth of cryptocurrency. Unfortunately, the price of Bitcoin reacted negatively – over the past day it has decreased by almost 5 percent.
HYIP will not be?
Recall, the launch date of the platform was announced by COO Bakkt by Adam White back in June. The company was supposed to attract the attention of institutional investors who would like to trade in futures.
Schedule deadline in ICE could not even last year. The launch of Bakkt was postponed a couple of times, so the news about the platform did not lead to such a hyip like before. Most likely, expectations regarding the event have long been embedded in the price of Bitcoin. Everyone who counted on a cryptocurrency price increase bought it long ago. Consequently, the absence of pampas is quite natural.
The launch of Bakkt at one time had to be postponed several times due to problems with financial regulators. Representatives of the Commodity Futures Trading Commission (CFTC) had complaints about how the site works and its impact on the market.
Note that Bakkt places on its platform futures with the physical delivery of the underlying asset – that is, bitcoins. CFTC employees are afraid that such a scheme could lead to market manipulation.
Now Bitcoin is trading in the region of $ 9,700. Cryptocurrency is balancing on the verge of a new plum; very soon its price may fall below a critical level of support. Unfortunately, Bakkt has not done anything good for the crypto terminal yet. Perhaps a positive effect will manifest in the medium term future.
Hopes for a large increase in Bitcoin are now placed on halvin (the so-called procedure for reducing the reward to miners for the cryptocurrency block).