Bakkt began Bitcoin [BTC] futures trading on 23rd September 2019. The opening was rather dull, as it traded less than 7 Bitcoins in the first two hours. However, it began to pick up the pace by the EOD.
71 Bitcoin Contracts were traded on day one via Bakkt by the EOD. Moreover, one daily futures contract was also purchased, which closed at $9795. Analysts cited two important reasons why even the slow start is a massive win for crypto on-ramp.
First 8-Lane Highway
Bakkt contracts are regulated, insured, and are settled in Bitcoin. Hence, the ecosystem can work independently without intervention from the dollar or banks. Mati Greenspan, the Senior Market Analyst at eToro, told the media,
“If a regular exchange is the on and off-ramps to bitcoin, this is an eight-lane superhighway. You certainly aren’t going to judge how good the highway is based on how much traffic it has on opening day.” Read More...