Here for more than a week Bitcoin cannot grow above 12 thousand dollars. The chart on cryptocurrency can be clearly seen that this level is a major resistance for the bulls. Fortunately, the hope of his speedy penetration is still there — last night the price of BTC very positively reacted to the announcement of the exact date of launch trading platform Bakkt.
We will remind, the first stage of testing of a platform for trading futures Bitcoin began on 22 July. Bakkt should provide an opportunity for large investors safely invest your assets in the main cryptocurrency and to solve the key problems of the industry of the blockchain. Yesterday it became known that the leadership Bakkt appointed to run the platform on 23 September.
How it responded to Bitcoin?
At the moment BTC is trading at 10 379 dollars. For the past day coin rose nearly 3 percent. A sharp jump in the value of Bitcoin on the news about Bakkt took place yesterday — in just a few minutes price of bitcoin has increased from 10 to 10.4 thousand dollars. The time of the jump with a big green candle shown on the chart below.
When Bitcoin once again failed to break above $ 12, cryptanalysts talking about a high probability drop its value even below $ 9,000. As you can see, while the asset is not threatened by the massive onslaught of the bears, and investors can breathe a sigh of relief as traders have high hopes for Bakkt and ready to start buying Bitcoin in anticipation of the launch of the platform.
In the company blog, CEO Bakkt Kelly Loeffler reported that the manual has received final approval from the Commission on trade commodity futures U.S. (CFTC). Start trading on the Bakkt it was decided to appoint, for September 23.
Why so much hype?
Creating Bakkt deals Intercontinental Exchange (ICE), a network of exchanges and clearing houses in the United States, Canada and Europe. The largest stock exchange in the world NYSE is subordinated to the ICE. Last year it became known that the leadership of ICE is going to work on the creation of cryptocurrency trading tool for large investors.
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 the fiat equivalent to the price of bitcoin.
The result is better price discovery and liquidity for bitcoin.
— Rhythm (@Rhythmtrader) August 16, 2019
On Bakkt will be trading deliverable futures. In the transaction with this trading tool that the parties — the seller and the buyer agree to exchange bitcoins within the agreed time at their specified price. From the other Bitcoin futures, this transaction differs that in its execution the parties shall exchange exactly the main asset (BTC), not its monetary equivalent (dollars). Learn more about the Bitcoin futures and their impact on the cryptocurrency market read in this article.
According to many cryptanalysts, the fact that futures are settled in bitcoins, inevitably will lead to increased liquidity and recognition of coins. This will cause increase in demand for Bitcoin by institutional investors.
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