Tuesday, November 30, 2021

Bakkt fails to pick up the pace after slow start, BTC remains bearish

The Takeaway:

Bakkt's first week in futures trading ends in disappointment. Conceived by Intercontinental Exchange, Bakkt recorded $1.5 million in futures contracts sale during the first week. Just the day after the Bakkt's launch price of Bitcoin fell by more than 13%. It also failed to pick any major client in the first week of trading.

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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. 

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.

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?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Dorsey Gray
Dorsey Gray
Dorsey works in the oil and energy industry since he graduated as a mechanical engineer from Bagdad Senior High School. However, he loves to explore and write about the financial world while he sits in the balcony of his beachside room. Dorsey also loves to cook, but just for himself.

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