Bakkt Reveals Bitcoin Futures Details – Here’s How it is One-Up on CME

The much anticipated Bakkt ‘Bitcoin [BTC] futures contracts’ is scheduled for launch on 23rd September 2019. While these are not the first regulated Bitcoin [BTC] futures contract with BitMEX and CME currently leading the space, Bakkt’s is one-up on all existing platforms.
The Bakkt contracts will be margined and as mentioned before – can be settled using Bitcoins itself. Hence, it can also be used as an alternative to unregulated spot markets as it has custody arrangements as well. Moreover, Bakkt will offer:
• Bakkt Bitcoin (USD) Daily Futures
• Bakkt Bitcoin (USD) Monthly Futures
The CME provides only monthly Bitcoin Futures contracts. The daily contracts would likely increase the volatility in the everyday price of Bitcoin. Nevertheless, the regulated platform will improve the fundamentals around Bitcoin [BTC] massively.
Rhythm, a crypto-trader talked about the advantage of Bakkt over CME and its effect on Bitcoin markets, he tweeted,
Unlike other futures exchanges, this is settled in bitcoin. Actual bitcoin is paid out, not just the fiat equivalent to the price of bitcoin.
The result is better price discovery and liquidity for bitcoin.
Kelly Loeffler, the CEO of Bakkt, told the media, that the core service Bakkt will offer is “secure, regulated custody,” alongside its institutional-scale trading.
The monthly futures contract on Bakkt is based on “forward pricing curve” for investors, giving them an option to see prices up to 12 months. She specifically talked about the halving schedule due next year; which will be enabled for speculation through the monthly contracts.
Also Read: 5 Reasons Why Bakkt’s Launch is BIG News for the Crypto Community
Furthermore, as the daily contracts are margined, it will provide a lot of space for institutional money to get involved in the day to day activities around it.
The Bakkt launch data announcement has had an extremely positive effect on the Bitcoin’s price. The price of Bitcoin at 3: 30 hours UTC on 20th August 2019 is $10,800. Bitcoin has gained about 6% since the announcement.
Do you think that daily futures contracts will increase the volatility or decrease it? Please share your views with us. 
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Source: CoinGape

This Week in Cryptos: Bakkt Approved for Sept Launch & more Venture Money Flows into Crypto Businesses

Key highlights

Bakkt approved for Sept launch
Coinmine raises $2.5 million
Bitcoin Miners prices Double in China
Seed CX test swaps settled in BTC
Chinese Court Says Bitcoin is Legal

Bakkt approved for Sept launch
Well, the much-awaited venture of ICE is finally here. Well, its launch time for Bakkt. According to the recent announcement coming from the company has received all the required approvals from the necessary regulators and is all set to launch on September 23. This also means that the company has been able to satisfy the Commodity Futures Trading Commission (CFTC) h which was one of the biggest challenges for the company to overcome for its physically delivered futures.
Coinmine raises $2.5 million
Week after week, venture capitalist and private equities are showing faith in crypto and blockchain businesses. This week its Coinmine that has raised seeding funding of 2.5 million. The round was led by M13, with participation from Gumi Crypto, Republic Labs, Canaan Labs, and Shervin Pishevar. The company will be using this money for its plug-and-play mining device, the Coinmine One, which enables everyday consumers to mine a host of cryptocurrencies including bitcoin, ether, and Zcash.
Bitcoin Miner’s prices Double in China
Well, things seem to be blooming again for Bitcoin miners and the equipment manufacturers. According to reports coming in from the Chinese media, prices of popular bitcoin processing machines have more than doubled in the past 6 months. With the rising prices of Bitcoin, the demand for the devices is allegedly much more than supply and mining farm operators are finding it really difficult to get their hands on new devices.
Seed CX test swaps settled in BTC
Well another BTC based derivative product is being tested as an investment product. Seed CX, the crypt derivatives provider announced that it has started testing its margin swaps products with users. Investors can now onboard to try out Seed CX’s swaps product matching platform during the testing period through its subsidiary Seed SEF, a regulated swap execution facility (SEF), the company announced.
Chinese Court Says Bitcoin is Legal
Chinese hide and seek with cryptocurrencies continuous as Hangzhou Internet Court has now declared Bitcoin as legal property in China. The pronouncement was made following order on a legal dispute between crypto exchange FXBTC and a client who lost funds when the company closed down. The customer claimed that he bought bitcoin through the platform which had then been listed in the Taobao marketplace. He apparently bought 2.675 bitcoins and left them in a wallet on the exchange.
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Source: CoinGape

5 Reasons Why Bakkt’s Launch is BIG News for the Crypto Community

The news of Bakkt’s September 23 launch has broken the crypto internet. The market is all green with Bitcoin alone has gained over $600 in the last 48 hours. Crypto Twitterati has welcomed the news with a shower of excited tweets. 
To give you perspective, Bakkt is a bitcoin futures exchange and digital assets platform founded by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE). Several major organizations including Boston Consulting Group (BCG), Microsoft and Starbucks are working to develop the exchange. 
After having made the crypto community wait for a year since ICE’s announcement of its plans to create the platform, Bakkt is finally set to launch in September, as per Bakkt’s medium blog. 
Here are 5 reasons why Bakkt’s launch is such a big deal for the crypto community

Bakkt’s Wall Street Connection – Bakkt has been founded by the creator of the largest stock exchange in the world, the New York Stock Exchange. This bold initiative may also inspire other major stock exchanges in the world from crypto-friendly countries like Japan and Hong Kong to venture into offering regulated platforms for crypto-based assets.

Bakkt’s Credibility – One of the reasons why new investors are reluctant about including crypto-based assets in their portfolio is the lack of trust in existing platforms. Bakkt, owing to being equipped with the New York state trust charter from the New York State Department of Financial Services (NYDFS) and approvals from Commodity Futures Trading Commission (CFTC), and its association with some of the biggest companies of the world, overcomes the obstacle of building trust. Thus, the platform is bound to attract investors that want to play safe in the cryptocurrency space.
More Institutional Investment – The cryptocurrency space has been bereft of institutional investors because of the same reason – lack of institutional-grade infrastructure. According to bitcoin enthusiast Jake Chervinsky, ICE brings great credibility to the crypto space for large institutions. When institutional investors enter the crypto space, sooner or later, crypto-based assets are bound to get recognition as mainstream financial vehicles.

Mainstream Adoption – Among Bakkt’s objectives is to facilitate seamless cryptocurrency usage in daily life. Though Bakkt hasn’t revealed a lot about its plans for achieving this objective, but word on the street is that Bakkt will help customers switch from paying with cards at malls and online to scanning their Bitcoin apps. One place where consumers will definitely be able to spend their bitcoin is Starbucks. According to  Maria Smith, vice president, Partnerships and Payments for Starbucks, “As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted, and regulated applications for consumers to convert their digital assets into U.S. dollars for use at Starbucks.” This development, which will enable consumers to avail Bitcoin’s utility as a currency, is a major step towards increasing bitcoin adoption.

A Gateway to a Basket of Bitcoin-based Offerings – Bakkt aims to enable major money managers to offer Bitcoin-based financial vehicles including mutual funds, pension funds, and ETFs, as highly regulated, mainstream investments. Bakkt’s vision can only be fulfilled if the US’ regulatory bodies are on the same page as Bakkt about digital assets. The SEC has been delaying its decision on proposed Bitcoin ETFs since the last year, and even now, it has pushed its decision to October. With the launch of Bakkt, the SEC might expedite its process of reviewing bitcoin-based assets. 

How do you think that Bakkt will influence the cryptocurrency market? Share your views with us in the comments.
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Source: CoinGape

Bitcoin Space Reacts to Bakkt’s September Launch Date Reveal

The long-awaited Bakkt platform has finally been given an official launch date. The regulated Bitcoin futures platform will go live on September 23, 2019.
Naturally, the Bitcoin and wider cryptocurrency community has greeted the news with optimism. The price of Bitcoin has responded favourably in the short time since Bakkt made the announcement too.
Wait, Weren’t There Bitcoin Bears Here Yesterday?
You probably know all about Bakkt by now. The cryptocurrency and mainstream news has reported on every little announcement made surrounding the launch of the new Bitcoin trading platform.
For those that don’t know what today’s hype is all about, the Intercontinental Exchange (the owners of the New York Stock Exchange) set out to create the world’s first institutional grade trading venue with regulated price discovery. Last year, when first announced, the plans attracted attention because of the company behind the venture, as well as high profile interest from the likes of Microsoft and Starbucks.
Since then, the platform has been teased in drips and drabs creating more excitement for what many see as the real institutionalisation of Bitcoin. Regulatory concerns delaying work on the project caused people to doubt whether it would ever even launch.
However, according to a post from Bakkt itself earlier today, the launch date is now set for September and it has received all the necessary approvals from relevant regulators. It will launch not only a physically-delivered daily and monthly Bitcoin futures contracts, an institutional grade custody solution, and regulated price discovery for the digital asset.
Naturally, Bitcoin-focused social media circles are elated by the announcement. Finding anything but bullish optimism amongst the many comments relating to Bakkt is nigh on impossible.
From early responses to the news, there seems to be a widespread feeling that Bitcoin is beginning a new chapter in its story.
Explaining just why Bakkt is being received as a big deal is @Rhythmtrader. The cryptocurrency analysis Twitter account states that the physical settling of real Bitcoin makes it different from similar futures markets. This allows for “better price discovery”:

BREAKING: Bakkt with launch Sept. 23.
The hype is bakkt with substance.
Unlike other futures exchanges, this is settled in bitcoin. Hard, actual bitcoin is paid out, not fiat equivalent to the price of bitcoin.
The result is better price discovery and liquidity for bitcoin.
— Rhythm (@Rhythmtrader) August 16, 2019

Arguing along similar lines is widely-followed trader Scott Melker. He describes the development as “the most bullish event for institutional investors in the history of bitcoin” and it as a sign of a “maturing” market:

The @Bakkt news is arguably the most bullish event for institutional investors in the history of bitcoin. PHYSICALLY delivered futures (require the holder to either produce actual bitcoin or take delivery from the exchange) backed by the New York Stock Exchange. We are maturing.
— The Wolf Of All Streets (@scottmelker) August 16, 2019

Popular cryptocurrency reporter and analyst Joseph Young describes the immediate impact the September launch announcement has had on Bitcoin prices. He claims there is now no possibility of a “short term bear trend”, adding that the price is up considerably over the past two days:

Bakkt launch announcement in September almost instantly reverses the possibility of a short term bear trend of bitcoin after dipping below $9,500 on August 15.
Bitcoin is up nearly $1,000 since then within 48 hours.
— Joseph Young (@iamjosephyoung) August 16, 2019

Drawing attention to the disparity between the approaches taken by different regulators around the world, developer and CEO of Indian crypto exchange WazirX, Nischal Shetty, commented on the fact that his nation’s regulators were still deciding whether people should be thrown in jail for their interest in innovative technology:

Amazing! Congrats @Bakkt
Great news for entire Crypto ecosystem. Great validation for Crypto Assets going mainstream
While large US companies are going full Crypto, India is still debating 10 year jail term for Crypto innovators#IndiaWantsCryptohttps://t.co/rDcIRiLrTC
— Nischal (WazirX) (@NischalShetty) August 16, 2019

Finally, since an image is worth a thousand words, Twitter user @codeyisfun posted comment on the overall industry reaction to Bakkt:

EVERYONES FEELINGS ABOUT BAKKT LAUNCHING SEPT 23rd pic.twitter.com/W4MR2x1GLw
— codey (@codeyisfun) August 16, 2019

 
Related Reading: Bitcoin Price Spikes Nearly $500 in Minutes on Bakkt News
Featured Image from Shutterstock.
 
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Bakkt Is to Launch Bitcoin Futures Next Month

Coinspeaker
Bakkt Is to Launch Bitcoin Futures Next Month
Bakkt, first unveiled last August, has been working on regulatory approvals to begin offering the product over the past year. It is said to launch its services on September 23.
Bakkt Is to Launch Bitcoin Futures Next Month

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Source: CoinSpeaker

Breaking: Bakkt’s Bitcoin future contract gets green light from CFTC; will be launched on September 23

Kelly Loeffler, the CEO of Bakkt, announced that the much-awaited institutional platform will be making its debut on September 23 of this year. The announcement was made after the platform received a green light from U.S Commodity Futures Trading Commission [CFTC], which the entire community has been waiting for since the start of this year. […]
The post Breaking: Bakkt’s Bitcoin future contract gets green light from CFTC; will be launched on September 23 appeared first on AMBCrypto.
Source: AMB Crypto

ICE CEO Reveals Bakkt Bitcoin Futures Launch is Just Around the Corner

Coinspeaker
ICE CEO Reveals Bakkt Bitcoin Futures Launch is Just Around the Corner
According to the CEO of ICE, Bakkt’s parent company, the launch of the firm’s physically settled Bitcoin futures, is on the horizon. The CEO has said that they are waiting for NYFDS approval.
ICE CEO Reveals Bakkt Bitcoin Futures Launch is Just Around the Corner

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Source: CoinSpeaker

Bakkt Bitcoin Futures Launch In Six Weeks? – Here’s Who Spilled the Beans

The much-anticipated launch of the Bitcoin Futures platform – Bakkt could be just around the corner. The CEO of the parent company of Bakkt and NYSE (New York Stock Exchange), the ICE (or Intercontinental Exchange), Jeffrey Sprecher, noted in a directors meeting,
“Subject to final regulatory approvals, we plan to launch our physically-settled bitcoin futures in the very near future.”
The platform which was earlier scheduled from launch in December 2018 was delayed by regulations. Nevertheless, it launched its ‘beta’ platform the week before on 22nd July. However, according to sources, there are still some regulatory approvals pending. Sprecher also noted we are
“working to develop a regulated ecosystem that services the evolving needs of [participants] around the world,”
Furthermore, Mike Novogratz, a Billionaire investor and hedge fund manager, recently could have possibly spilled the beans on the definite timelines of the launch. He said,
Fidelity or TD Ameritrader working towards buying directly through you brokerage accounts. Bakkt which is I think is finally getting started within six weeks.
Bakkt plans to offer a futures contract that is settled using Bitcoin itself. This is being called a ‘moonshot bet’ which will transform how institutional money sees Bitcoin [BTC].
Nevertheless, recent reports on crypto-media website suggest that the CFTC might still have some concerns around the regulations.
LedgerX, which was planning on releasing similar physically-settled contracts on Bitcoin recently announced its launch. However, the CFTC has stepped in and cited that it has “not yet been approved by the Commission”. This totally contradicts the company’s claims.
Moreover, Bakkt is currently waiting to get approval to manage the custody of Bitcoin under trust charter.
ErisX, TD Ameritrade, Bakkt, and LedgerX are some of the firms lined up to launch a public trading platform of physically settled Bitcoins. While Bitcoin futures settled in cash are still allowed even now. This new design would enable greater marketability and independence from the dollar.
Do you think more and more institutional investors will enter the space? Please share your views with us. 
The post Bakkt Bitcoin Futures Launch In Six Weeks? – Here’s Who Spilled the Beans appeared first on Coingape.
Source: CoinGape

LedgerX launches DCM on Omni after premature announcement of launching first physically-settled bitcoin futures contract

LedgerX, a US-regulated bitcoin development exchange made a premature announcement of launching the first physically-settled bitcoin futures contract in the country. However, according to a report, LedgerX has not yet received approval from the U.S. Commodities Futures Trading Commission (CFTC). LedgerX rushed into announcing the news as its competition Bakkt, a sister-company of Intercontinental Exchange […]
The post LedgerX launches DCM on Omni after premature announcement of launching first physically-settled bitcoin futures contract appeared first on AMBCrypto.
Source: AMB Crypto

First Physical Bitcoin Future Hits U.S. Market as Institutional Bakkt Hype Swells

Although the crypto industry has been closely watching to see when the highly anticipated physically settled Bitcoin (BTC) futures platform Bakkt officially launches, they have now been beaten by their competitor – LedgerX – who officially launched today.
The platform is open to all US-based investors with a government issued ID and is not limited to institutional clients or high-net-worth clients. Despite this, most analysts believe that the benefits that physically settled futures contracts will bring to the crypto markets come primarily from the institutions that will trade them.
LedgerX Wins Race to Be First to Launch Physically Settled Bitcoin Futures Contract 
Currently, there are three main platforms that are competing to gain the attention of investors who are interested in trading physically settled Bitcoin futures contracts, with LedgerX, the ICE-backed Bakkt, and the TD Ameritrade-backed ErisX, all launching similar products.
The primary benefit that a physically settled future contract brings is that it allows traders to deposit and collect Bitcoin in order to directly trade the contracts, without having to use USD or other fiat currencies as the trading pair, thus subverting the traditional banking system entirely.
This is a critical feature for a decentralized currency like Bitcoin, assuming that it will one day be utilized as a currency in its own right, and not one that is denominated and traded against fiat currencies.
Importantly, it does appear that there is significant interest in these contracts, as LedgerX has previously noted that multiple institutional investors have asked for these contracts in the past.
Will Institutional Demand for Physically Settled BTC Futures Contracts Propel the Markets?
Although retail interest in the crypto markets has been diving as of late, many analysts and investors alike are closely watching to see how interested institutions are in the nascent markets, as they may be the next source of major funding that propels Bitcoin (BTC) and the aggregated crypto markets.
Sam Doctor, a strategist at Fundstrat Global Advisors, recently explained that Bakkt – one of LedgerX’s competitors – could be a major catalyst for institutional demand for Bitcoin and other cryptocurrencies.
“We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE,” he said while referencing the talking points seen in the image below.

We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH @fundstrat @fundstrat_ken pic.twitter.com/lkRylD1P4C
— Sam Doctor (@fundstratQuant) July 19, 2019

Although it still remains unclear as to how interested institutions truly are in the volatile crypto markets, interest in physically settled futures contracts could be a bullish sign, and these platforms will undoubtedly provide a gateway for a massive influx of fresh capital into the markets.
Featured image from Shutterstock.
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Caught in a Hayes: BitMEX volume drops post-CFTC investigation; who will pick up the Futures gauntlet?

Bitcoin Futures are caught in a haze, and not one that will please Arthur Hayes. Ask yourself, if you were BitMEX in a cryptocurrency price market where the king coin is bouncing between four and five figure valuations, why would you be in the thick of the news cycle? An obvious answer would be due […]
The post Caught in a Hayes: BitMEX volume drops post-CFTC investigation; who will pick up the Futures gauntlet? appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Price Drops 5% Even After Bakkt Launched Its Much-Anticipated Futures Trading Platform

Coinspeaker
Bitcoin Price Drops 5% Even After Bakkt Launched Its Much-Anticipated Futures Trading Platform
Recently Bitcoin price dropped by a little more than -5%. This price movement is rather unexpected since the community anticipated the opposite after Bakkt announced their test launch of its new Bitcoin futures trading platform.
Bitcoin Price Drops 5% Even After Bakkt Launched Its Much-Anticipated Futures Trading Platform

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Source: CoinSpeaker

Bakkt to launch user testing Bitcoin futures today

Bakkt, a global digital asset firm owned by International Exchange [ICE], announced that the organization will launch acceptance testing for its Bitcoin futures contracts today [22nd July 2019]. In a recent medium post released by Adam White, COO at Bakkt, it was mentioned that the Bitcoin futures product would be listed and trading will be […]
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Source: AMB Crypto

Bakkt Begins Beta Launch on July 22, Analysts Expect It Could be Huge – Here’s Why So

One of the most anticipated bitcoin futures by Bakkt is launching beta testing, allowing user testing on July 22, 2019. The futures contract is powered by Bakkt, a subsidiary of the Intercontinental Exchange (ICE) that founded the New York Stock Exchange.
This Could Be Huge
The day, Bakkt announced Bitcoin futures contract, the crypto community was quite sure that it will more possibly bring institutional investors to the crypto industry. In many specific terms, it will bring big money big players into cryptocurrency which will more likely enhance the total market cap of the sphere by orders of magnitude.
In essence, Bakkt is backed by a diverse array of big names, including Microsoft Inc. Starbucks Corporation which makes its bitcoin futures even more interesting. Moreover, it is expected to be a game-changer in the crypto investment industry. As the platform announces that it begins user acceptance testing for its Bitcoin futures contracts on Monday (July 22, 2019), many speculate that it will be a catalyst and quite a big deal for the crypto industry.
According to ICE’s CEO and Chairman, Jeff Sprecher, ICE’s investment in Bakkt is “a bit of a moonshot bet” – a term used by former American president John F.Kennedy on Neil Armstrong’s land on the lunar surface. The blog announcing Bakkt’s beta launch on July 22, states that;
On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.
Moreover, Adam White, the Chief Operating Officer at Bakkt reveals that the company’s Bitcoin futures will be listed and traded on ICE Futures U.S. as well as cleared at ICE Clear U.S.
Institutions should not dismiss crypto-asset
Unlike CME Grup and Cboe’s bitcoin futures that featuring cash-settled, Bakkt’s Bitcoin futures on the exchange are physically settled. It means that parties experience transfers of Bitcoin from the Bakkt Digital Asset Warehouse upon the end of the contract period.
While Bakkt is scheduled to launch these bitcoin futures today, Fundstrat’s Quant strategist, Sam Doctor states that this could be a huge catalyst for institutional participation in the crypto market.

We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH @fundstrat @fundstrat_ken pic.twitter.com/lkRylD1P4C
— Sam Doctor (@fundstratQuant) July 19, 2019

Referring to Bakkt’s recent institutional summit at the New York State Exchange, Fundstrat claims that this is a big opportunity that accelerates entry of traditional institutional investors. The Fundstrat’s takeaways from the Bakkt Digital Asset Summit mentioned that;
“There appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch, with the sales team gaining traction among brokers, market makers, prop trading desks and liquidity providers.”
This Fundstrat notes further mentioned views of Blocktower Ari Paul who reportedly said that ”institutions should not dismiss crypto-asset”, explaining;
With 200%-300% CAGR and low to no correlation to traditional assets, investors should size their position accordingly rather than avoid crypto.
He strongly affirmed that crypto is here to stay and “institutional CIOs who make large crypto gains aren’t acting responsibly when avoiding to add in their funds.
While this is a good deal for big boys, it has no positive effect on the price of the crypto market yet. At the press time, the market is still dull and Bitcoin is trading under $10600 figure whereas other altcoins are experiencing the eventual downfall.
Crypto Market Price | Coinmarketcap
Image Source – shutterstock
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Source: CoinGape

Fidelity Digital Assets Applied for a Trust License in NY

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Fidelity Digital Assets Applied for a Trust License in NY
Allegedly, Fidelity’s cryptocurrency investment arm filed an application with the New York Department of Financial Service (NYFDS) and if approved the institutional brokerage will be allowed to offer crypto-custodial services in the state.
Fidelity Digital Assets Applied for a Trust License in NY

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Source: CoinSpeaker