Bakkt’s physically settled Bitcoin [BTC] futures set off to a rather slow start on 23rd September. The total trading volume on the platform was 71 Bitcoin (BTC) futures. The Oct ‘19 Bakkt Monthly Bitcoin Future settled at $9875, and the Bakkt Daily Bitcoin Future settled at $9790
Low Trade Volumes Continue on Day 2
Unfortunately, Bakkt’s highly anticipated launch was not accompanied by a great show on the first day. The second-day continues to have the same plight. As per the latest data by Bakkt’s official website, Bakkt Daily Bitcoin Future has settled at $9805. This denotes a change of 0.704%. Further, trade volume continues to be a minor 4 Bitcoins.
While the dismal performance of Bitcoin Futures is something to ponder upon. Brian Kelly, the chief executive of BKCM, affirmed that regulated and large-scale investment products like Bakkt will help in reducing volatility in Bitcoin markets.
Steve Grasso, the director of institutional sales at Stuart Frankel & Co. Inc., seemed to agree with Brian Kelly. He said that this product will provide more confidence to cryptocurrency traders. Also, it will “give credence to the whole Bitcoin story.”
A look At Bitcoin Price Charts
Bitcoin Price continues to show signs of shallow recovery. However, it is bullish after reclaiming the position above $9,700. However, a correction towards $9,800 is hampered by the high concentration of sellers at $9,776 (intraday high).
Additionally, Bitcoin is dealing with lower volumes as well as lower volatility levels. This implies that recovery towards $10,000 without stronger fundamentals will lead to a subsequent drop in price. The most likely movement for Bitcoin is to refresh the buy zone at $9,200. This will create fresh demand thrusting Bitcoin above $10,000 and probably the next target at $10,400.
A slow start need not necessarily mean a bleak future. Will Bakkt gain traction soon or is it still time for its full throttle? Let us know, what you think?
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Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.