Crypto community waited for more than a year to see the launch of Bakkt’s futures trading platform. Bakkt did not get off the ground as they would have liked. The first week for the futures trading platform ended in disappointment. Bakkt is owned by Intercontinental Exchange (ICE) who also operates the New York Stock Exchange.
Experts had hoped that the launch of the Bakkt’s futures trading platform would be great for the bitcoin market. But the day after Bakkt’s launch the price of BTC fell by 13%. It was the largest intraday hit since January. On the first day, only 71 contracts were sold. Chicago Mercantile Exchange (CME) which was launched in December 2017, traded $460 million bitcoin futures in its first week as compared to $1.5 million of Bakkt.
– Bakkt, first day volumes: equivalent of 71 bitcoin + 1 bitcoin.
– CME, first day volumes: equivalent of 5298 bitcoin.
(the volume on the physically settled daily futures contract was 1)
— Alex Krüger (@krugermacro) September 24, 2019
Similar to Bakkt, the day after CME’s launch bitcoin price also took a tumble from $19,000 to below $17,000. Bakkt also failed to get any reputable clients in the first week of trading. Experts earlier speculated that Baktt’s futures trading would immensely help in setting up the trust of big institutes in the crypto assets.
— Thomas Lee (@fundstrat) September 20, 2019
However, it is too early to make the final judgment about Bakkt, but it did not get off the ground as the crypto community had anticipated. Let us know in comments what do you think about the Bakkt’s launch and what future holds for the company?