The Bitcoin Futures contracts of Bakkt have experienced a rather sluggish Start. The total trading volume on the platform to Scam on the first day, only 71 Bitcoin (BTC), which is in relation to the CME Futures only a fraction. The low trading volumes continued on day 2.
In the last 24 hours, the Bitcoin price has fallen by more than US $ 1,000 and over 13 per cent, with Bitcoin, is temporarily fallen below the important $ 8,000 mark. In connection with the sideways trend, the cryptocurrency market in the last few weeks has experienced, seem at present to be the bears to gain the upper hand on the crypto market.
Unfortunately, the much-anticipated Launch of the Bakkt Bitcoin Futures was a “false start”. The second day does not change anything. According to the latest data of the official Website of Bakkt has stabilized, the monthly Bakkt Bitcoin Futures contract at 8.425 USD. In addition, the volume of trading for the daily contract is still low and amounts to only 4 Bitcoins.
While the dismal Performance of Bitcoin encourages Futures something to Think about, said Brian Kelly, the Chairman of the Board of BKCM, continue to be optimistic that regulated and large-scale investment will contribute products such as Bakkt to reduce the volatility in the Bitcoin markets. Steve Grasso, Director of institutional sales at Stuart Frankel & co. Inc., agreed with Brian Kelly and said that the physically covered Bakkt Bitcoin Futures is to give the crypto currency market is more trust and acceptance.
BitMEX trading volume was 3.802 Times higher than Bakkt
The Bitcoin trading platform BitMEX has the introduction of the Bitcoin Futures Bakkt obtained by their competitors, an unlikely positive Publicity. According to the new data of the company, the 24 hour trading volume achieved on the 23. September to 270,000 BTC ($2.6 billion) – during the Bakkt only 71 BTC (690.000 dollars) Scam. The huge gap in the activity is a blessing for BitMEX, and all other stock exchanges and Broker the cryptocurrency industry, which generate over trading fees enormous profits.
Of this cake Bakkt would like to have something. As Gabor Gurbacs, Director of VanEck said, have established, native crypto-currency platforms but still maintain a certain competitive advantage, because they were more likely to be there and, under certain investors might also be more confidence to enjoy:
While everyone celebrates legacy futures exchanges trading #bitcoin, @BitMEXdotcom quietly traded 270,000 BTC ($2.7 billion) in the past 24 hours. Don’t underestimate crypto native platforms. In some respects, they are ahead of the game. Liquidity is king! @Crypto Hayes
— Gabor Gurbacs (@gaborgurbacs) September 23, 2019
Many experts had expected that the Launch of the daily and monthly Bakkt BTC Futures will have a significantly positive impact on the crypto market. After two days of Bakkt the Bitcoin price falls further down. The negative Bitcoin price development of enhanced it perhaps the disappointment over Bakkt, where the stock market registered a slower Start than many people expected.
However, the General opinion of the cryptographic Community that the real interest is only to increase later. “Bakkt will probably be first a trickle and then a flood”, tweet, the Fund Manager Three Arrows Capital CEO Su Zhu on Monday:
The reality is that the majority of regulated Futures contracts find the (first day), a low level of acceptance, simply (because) not all Futures brokers are willing, you to clear, many (people) and see want to wait for the Ticker are not occupied even in high-risk systems, etc.
Other experts noted that other Futures products were also slow, including the first BTC Futures, which were launched by the CME Group in December 2017 on the market. Since then, their performance has exploded and this year already some new records in terms of daily trading volume.
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