Bitcoin News Today – After a series of delays in 2018 and early 2019, Bakkt has finally announced the launching date of its product. While Bakkt may be the first to market this product, the company has several competitors. Brands like LedgerX and TD Ameritrade-backed ErisX are also considering to proffering Bitcoin investments contracts to investors, while Seed CX and trueDigital are working to unveil futures contracts, a similar product.
The Global Exchange’s young subsidiary stated, on Friday, that it had attained a New York state trust charter through the New York State Department of Financial Services (NYDFS). The consent authenticates the company and marks them safe for prospective businesses. With the validation, the company can start providing its long-awaited physically-established Bitcoin futures contracts. The launch of the product is scheduled for September 23rd, 2019. Going by the recent Bitcoin news update, the event is a welcome development for Bitcoin and the cryptocurrency community at large. Meanwhile, in the recent Bitcoin Price update, the price of Bitcoin is indicating an improvement since the announcement was made by the Bakkt team.
Bitcoin (BTC) Price Today – BTC / USD
In a previous cryptocurrency news update, it was reported that Bakkt has been working on regulatory approval to start proffering the product over the past year. The product is intended to provide two types of contracts. It will offer a daily and a monthly contract, although, both will be established at the Bakkt Warehouse, a portion of its New York-chartered trust company.
Bitcoin News Update – Traders Optimistic About the Future of Bitcoin
In the recent cryptocurrency new update, Kelly Loefler, Bakkt CEO stated, “Our contracts have already received the green light from the CFTC through the self-certification process and user acceptance testing has begun. With approval by the New York State Department of Financial Services to create Bakkt Trust Company, a qualified custodian, the Bakkt Warehouse will custody bitcoin for physically delivered futures,” she said. “This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.” In an ensuing statement in the announcement, Loeffler said “we have customers and clearing members already in the test environment,” she further said, “We anticipate with the finalization of the Sept. 23 launch date user acceptance testing will accelerate and we will work with customers on onboarding and getting ready for day one.”
Bitcoin News Today – Bitcoin Latest Update – Bitcoin Price Analysis – BTC Responding Well to Bakkt Announcement
As expected Bitcoin enthusiasts are thrilled by the announcement. In their various comments on the development, their excitement and optimism can be seen as the product is like a new dawn for Bitcoin.
A crypto analysist on tweeter @Rhythmtrader, Elucidated the reason behind the optimism and trills coming from the announcement. He explained that the physical resolving of real Bitcoin makes it distinct from related futures markets. This he said will give room for “better price discovery”. Scott Melker, a popular trader also shares the same view, as he describes the recent event as “the most bullish event for institutional investors in the history of bitcoin” and also “a sign of a maturing market”. Joseph Young a popular cryptocurrency reporter and analyst explains the instant influence the September unveiling declaration has had on Bitcoin prices. In a statement he made on Bitcoin price analysis, he believes there is no room for a short term bear trend, as the price is moving well since the announcement over the past few days.