Bakkt: Dismal Performance Of Futures Contract on Day 2; Is Bakkt A Flop Show?

Published September 24, 2019 | Updated September 24, 2019

Bakkt

Bakkt: Dismal Performance Of Futures Contract on Day 2; Is Bakkt A Flop Show?

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. 

Source- Bakkt Official Site

Analysts Speak 

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). 

Source- Trading View

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?

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
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.

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Supriya Saxena 216 Articles
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.
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