Bitcoin News Today – September 23

Bitcoin
  • Bitcoin Futures Trading Has Started on Bakkt
  • Analysts Point out the Importance of How Bakkt Is Beings Physically Delivered
  • Bitcoin (BTC) Fails to Respond to the Bullish Sentiments around Bakkt’s Launch

Bitcoin News Today – The long-awaited Bakkt Bitcoin futures contract is now live. Bakkt launched a few hours ago. However, the response of Bitcoin (BTC) so far has been underwhelming. Bitcoin briefly tested the $10k level, but it failed to hold gains and plunged lower after the launch of Bakkt’s Bitcoin futures contracts.

Bitcoin Futures Trading Has Started on Bakkt

The daily and monthly physically traded Bitcoin futures contracts went live a couple of hours ago but it did not trigger any market or fanfare reaction. According to a tweet by Bakkt, the first trade on the platform was executed for $10,115 at 8 PM ET. At the press time, only eight BTC has been traded on the monthly futures contracts.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,179.80
-1.96%

nevertheless, this seems to be a positive development since an average of one Bitcoin is traded in one hour. If the trade continues at this rage, the amount traded in a period of one month would be monumental.

Analysts Point out the Importance of How Bakkt Is Beings Physically Delivered

Top analysts in the industry have drawn attention to how important Bakkt is being physically delivered compared to other fiat-settled contracts. A tweet by Rhythm states:

Reminder, the hype is Bakkt with substance. Unlike other futures exchanges, this is settled in Bitcoin. Actual Bitcoin is paid out, not just fiat equivalent to the price of Bitcoin (BTC). The result is better price discovery and liquidity for Bitcoin (BTC).”

However, it is still pretty much early to determine if these predictions hold value. When contracts begin to close and Bitcoin is being paid out, things are likely to start moving on markets. Due to the fear of Bitcoin’s volatility, institutional investors may not like to hold the physical Bitcoin for long; this is why many of them are opting for futures in the first place.

Bitcoin (BTC) Fails to Respond to the Bullish Sentiments around Bakkt’s Launch

There was a little increase in the price of Bitcoin (BTC) when Bakkt launched a few hours ago. BTC to USD price rose from $9,850 to $10,080. Bitcoin remained over the $10k level for a couple of hours before it started correcting lower. There has not been any major move in the price of Bitcoin (BTC) yet. A massive upsurge in Bitcoin (BTC) price is expected as many investors would be coming into the crypto space because of the new futures. The hype around the launch has not set in yet, but many analysts believe Bitcoin would soon respond positively to the launch.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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