Quant strategist and managing director at Fundstrat Global Advisors, Sam Doctor took to twitter to announce that Bakkt’s Bitcoin Futures contract will be launched this quarter.
In the post, Doctor added a summary of Fundstrat’s takeaways from the recent Bakkt Digital Asset Summit which held on July 18. It also contained information about the firm’s futures which will launch in this quarter. After the tests that held last month, the launch is expected to follow and has been scheduled to start next week. This launch may be a catalyst to push the entry of traditional investors.
We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH @fundstrat @fundstrat_ken pic.twitter.com/lkRylD1P4C
— Sam Doctor (@fundstratQuant) July 19, 2019
Bitcoin (BTC) Price Today – BTC / USD
According to the post,
“There appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch, with the sales team gaining traction among brokers, market makers, prop trading desks and liquidity providers.”
No Cryptocurrency Would Threaten Financial Stability
During the Bakkt event, commissioner Dawn Stump of the Commodities Futures Trading Commission (CFTC) said that not crypto could threaten financial stability. He also said that the body sees a growing demand for such futures from the public. At the same summit, the chief information officer for cryptocurrency investment firm Blocktower Ari Paul said he was confident that when a user interface or killer app makes crypto on-ramps safe, easy to use and reliable like PayPal, then retail adoption will be enormous.
Cointelegraph reports that Paul said institutions shouldn’t dismiss cryptocurrency assets. According to the notes, it is clear that considering the lack of correlation with traditional assets as well as the compound annual growth rates of about 200%-300%. Also, he added that confiscation resistance of cryptos and inflation are key values of proposition.
Dan Morehead, the Pantera Capital CEO also commented about the matter saying that many tokens will fail. He also said that a handful of base protocols may survive but thousands of decentralized applications would be built on top of them.
The Intercontinental Exchange is now taking steps to ensure approval for Bakkt from the United States CFTC. What does this mean for the price of Bitcoin?
Bitcoin Price Continues to Spike, Sees 4% in Minutes
Bitcoin price fell below the $10,000 level a few days ago but managed to slide back up above its support level. Recently BTC price surged higher in a few hours to the shock of many traders.
At press time, BTC is trading at $10,900, a hundred dollars short of another main resistance level of $11,000. It is also slightly above other important resistance levels such as $10,800. Analysts believe that the next 24 hours will make or break Bitcoin price in the long term. It would determine if the bullish trend would continue or the bears will make an appearance again.
Bitcoin price was slightly bearish when it hit $10,500 24 hours ago. Analysts believe that the price should hover around $10,800 for two days at most. they also believe that it may be poised for an upside. Going by such analysis, for BTC price to sustain this trend, it has to ensure that the 50 MA, as well as the 200 MA, do not experience a death cross.