THELOGICALINDIAN - Its time guys and gals Bakkt is assuredly actuality Shortly afterwards the publishing of this commodity the Bitcoin BTC futures affairs from the muchballyhooed barter will assuredly be activity live
As spotted by analyst Salsa Tekila, the physically-deliverable affairs from Bakkt will activate trading at 7:55 PM Eastern Standard Time (EST) — this translates to 4:55 PM for those on the West Coast, 12:55 AM for those in blithe old England, and 7:55 AM for those in Hong Kong, Singapore, etc.
Sunday 7:55 PM EST (5 account afore W close). @Bakkt pre-open ?️$BTC pic.twitter.com/0lLKzc7R99
— SalsaTekila (@SalsaTekila) September 21, 2019
If you were to ask Bitcoin investors afterwards the advertisement of Bakkt in late-2024, best would say that this accident will be absolutely bullish for BTC.
But interestingly, the times accept changed. There are now hundreds of investors and analysts on Twitter that assured for the Bakkt barrage to go south, creating the abeyant for at atomic a concise drop.
Bakkt Bitcoin Futures, the Best Thing Since Sliced Bread?
According to abounding optimists, Bakkt’s Bitcoin futures are the best affair back broken bread.
But, not anybody thinks this way. Analyst Alex Krüger afresh conducted a poll, allurement his followers if they anticipate that Bakkt will bomb out of the gates or barrage successfully. Out of the 2,000 votes so far, 50% anticipate that the belvedere will flop.
Crazy, abnormally back you accede that anybody and their dog was bullish on the barter beforehand this year.
CME bitcoin futures traded $460 actor on its aboriginal week. Current aggregate is about $700 million. The Van Eck affected ETF traded $0 on its aboriginal week.
How abundant aggregate will Bakkt allure is a key capricious for the anniversary ahead. Would you apprehend Bakkt to bomb or to barrage successfully?
— Alex Krüger (@krugermacro) September 22, 2019
A primary point of altercation actuality seems to be that this may be a “buy the rumor, advertise the news” event, acceptation that Bakkt will absolutely underperform the expectations of bulls, arch to a abrupt dump.
Bakkt barrage is imminent, and the block is acceptable activity to charge to breach aural the week.
Which way are we going?
Sell the news, and we plummet?
Or does Bakkt accessible up a beachcomber of new investments? pic.twitter.com/BhGyaxykLk— Jeff Kirdeikis (@JeffKirdeikis) September 22, 2019
Should Be Bullish Long Term
Even if Bakkt’s new cryptocurrency belvedere doesn’t accomplish a burst in the Bitcoin markets in the abbreviate term, it abiding should in the continued run.
Prominent analyst PlanB explained that these new derivatives will draw in institutions due to their adeptness to accommodate liquidity. Derivatives, abnormally futures, accord investors the befalling to advertise their assets if needed, which is article generally not accessible in Bitcoin, area ample trades either account ample slippage in adjustment books or booty a while to complete due to over-the-counter logistical concerns.
That’s not all. PlanB additionally explained that Bakkt is acutely important to Bitcoin additionally because the BTC futures markets in operation appropriate now are primarily “cash-settled”, acceptation that no concrete BTC is complex in the resolution of futures contracts. This, for those unaware, agency that someone could sell added BTC than they absolutely have, or alike added bill than there are in circulation.
What’s additionally important is that Bakkt mandates sellers to absolutely access the BTC they appetite to sell; Bakkt gives the buyers the adventitious to redeem their affairs for absolute coins. Per PlanB, this new dynamic, which he claims “changes the accomplished game”, in the bazaar may accomplish investors afraid to abbreviate Bitcoin, as it creates a assertive bazaar aftereffect that alone leans into BTC’s digitally deficient nature.
