After an entire year of regulatory delays and missed deadlines, the Bakkt physical Bitcoin futures have finally launched. Apparently Bakkt is already open for both institutional and retail traders.
Bakkt physical Bitcoin futures have been highly anticipated ever since being announced over a year ago. These are the first physical Bitcoin futures, meaning contracts are settled for actual Bitcoins, as opposed to the Bitcoin futures on the Chicago Mercantile Exchange (CME) which are settled for cash. Also, Bakkt has been built by the Intercontinental Exchange (ICE), which is the parent company of the biggest stock exchange in the world, the New York Stock Exchange (NYSE).
There was speculation that Bakkt could lead to a major Bitcoin rally, since the physical nature of the futures could increase Bitcoin demand. So far Bitcoin has dropped from $10,000 to $9,700 in the 24 hours since Bakkt has launched. That being said, volume is low on Bakkt since it is only the first day, and perhaps the true effect of Bakkt on the Bitcoin market remains to be seen.
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