The most awaited venture in the cryptocurrency industry has finally announced its arrival. According to the latest notice released by Intercontinental Exchange, Bakkt™ Bitcoin (USD)…
The most awaited venture in the cryptocurrency industry has finally announced its arrival. According to the latest notice released by Intercontinental Exchange, Bakkt™ Bitcoin (USD) daily futures contract will begin trading on December 12, 2018. The anticipation of Bakkt starting operations is even higher as it is anticipated to open doors for may the first Bitcoin ETF.
According to the press release issued by Intercontinental Exchange, ICE Futures U.S., Inc. will list the new Bakkt Bitcoin (USD) Daily Futures Contract for trading on Wednesday, December 12, 2018.
The Bakkt Bitcoin (USD) Daily Futures Contract is a physically-settled daily futures contract for bitcoin held in Bakkt LLC, ICE’s Digital Asset Warehouse, and will be cleared by ICE Clear US, Inc.
According to the terms, each futures contract calls for delivery of one bitcoin held in the Bakkt Digital Asset Warehouse and will trade in U.S. dollar terms. One daily contract will be listed for trading each Exchange Business Day. Full contract specifications are below and can be found online.
Following are the major details that the notice shares regarding the product
The other details of the Bitcoin
While another big player enters the crypto industry, Bakkt is also anticipated to get bring in the necessary eco-system that could get the approval for the First Bitcoin ETF. One of the reasons Bitcoin ETF has not received clearance from SEC is that the SEC fears price manipulation and it is not yet satisfied with the security protocols the current cryptocurrency exchanges follow. Bakkt seems to be filling that gap up. Being a recognized exchange player, Bakkt is also anticipated to bring in the liquidity, another concern the SEC had raised.
Previously, the US SEC rejected 9 Bitcoin ETFs that based their price on the futures market because the BTC futures market was not sufficiently liquid.
The excitement of Bakkt starting operations was shared by a leading personality of the crypto world.
Joseph Young to believes the entrance of Bakkt could change the viewpoint of SEC.
Michael Novogratz of Galaxy Digital Ventures LLC also seconded Joseph Youngs view
Bakkt seems to be answering all the questions that SEC had raised in its rejections and delay of Bitcoin ETF. One will have to wait and watch the reaction of SEC when Bakkt goes live.
Will SEC approval the Bitcoin ETF with Bakkt’s arrival? Do let us know your views on the same.
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