The launch of the largest institutional bitcoin product of the year is finally upon us. Can it rejuvenate momentum on BTC markets or will it be a big overrated flop? We will find out tomorrow.
COUNTDOWN TO BAKKT BIG FOR BITCOIN?
With just a day to go, the long-awaited Bakkt physically-settled bitcoin futures trading platform is almost here. Its September 23 launch date has been heralded by many as bullish for BTC as it will enable institutional investors to dabble in the markets.
The contracts will be paid out in BTC but it is unlikely that investors will want to keep it else they would be buying the asset directly. At the moment it is the extreme volatility that is off-putting for most institutions which thrive on stability.
Bitcoin price has been range-bound for the past two months indicating that very little new money has been entering markets. It is the same swing traders buying and selling between themselves that are causing the market chop. Read More...