The bitcoin market is calm even though it awaits the launch of a very bullish product: a set of physically-delivered futures.<\/p>\n
Intercontinental Exchange (ICE), the world’s second-largest exchange by market cap, is going to offer trading of two Bitcoin Futures Contracts<\/a>, one daily and other monthly, from September 23. The contracts, backed by Atlanta-based digital asset firm Bakkt, have received approval from the Commodity Futures Trading Commission (CFTC). Meanwhile, Bakkt also has gained custodianship rights to customers’ bitcoin following permission from the New York Department of Financial Services (NYDFS).<\/p>\n The event bids to promote bitcoin trading among institutional investors, a class of monies that till now maintains a safe distance from cryptocurrencies because of their unregulated nature. Speculators see the launch of Bakkt futures as a means to attract substantial capital inflows from Wall Street, which would send the bitcoin prices higher.<\/p>\n But as the date of the Bakkt launch is nearing, the same speculators are feeling cold-feet. Bitcoin’s volatility has hit its 4-month low going down, as reported by Forbes here<\/a>, indicating that traders are looking at each other while wondering who among them would make the first move. The uncertainty has resulted in choppy price action \u2013 a bias conflict \u2013 that gives no hint about the bitcoin’s next trend.<\/p>\n As of this time of writing, bitcoin is trading between a strict range defined by $9,700 and $10,050, still down by at least 8 percent from its weekly top.<\/p>\n According to the famous market theorist PlanB, Bakkt’s launch is not necessarily a bullish event, but it promises the crypto to discover its real market value.<\/p>\n “ICE is offering physically-settled Bitcoin futures through its Bakkt unit. It will act as an exchange, clearinghouse, and settlement authority. ICE BTC futures will create price discovery apart from any cash market influence.”<\/p><\/blockquote>\n Yes, esp. because not dependent on spot market rates of exchanges for settlement. CME is cash settled, therefor dependent on (an average of) exchange rates, thus sensitive to manipulation & fraud. Institutions don't like that. ICE\/Bakkt has it's own price based on real #bitcoin<\/a>.<\/p>\n — PlanB (@100trillionUSD) September 11, 2019<\/a><\/p><\/blockquote>\nBitcoin Investors Feeling Cold-feet<\/h2>\n
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