Bakkt Bitcoin Futures has finally launched after months of anticipation. While investors and traders can potentially profit from the upcoming price rise and then take possession of Bitcoins, the responses on the first day of launch have been dull. Bakkt got subjected to numerous trolls from the crypto community.
Daily Contract Remains Unsold
Bakkt’s physically settled Bitcoin [BTC] futures set off to a rather slow start on 23rd September. As a matter of fact, the total trading volume on the platform in the past two hours was recorded to be only 7 Bitcoins. The first monthly contract was traded at $10,115. Also, these are the only contracts that have attracted any traders. The daily contract continues to be unsold until now.
Crypto Twitter Responds
Alistair Milne, CIO of Altana Digital Currency Fund, took to Twitter and posted that Bakkt has finally launched and volume on its monthly contract so far is only 17 BTC.
Larry Cermak, a leading lawyer, and research analyst said that Bitcoin doesn’t require Bakkt but Bakkt requires Bitcoin.
Well-known crypto-journalist Joseph Young tweeted –
DonAlt compared the Bakkt launch to a donut shop without any customers on its first day.
Here’s crypto investor James McDowall’s reaction to the Bakkt launch –
Neeraj Agrawal, from CoinCenter’s Policy Think Tank also joined the band of Bakkt trollers with his tweet –
Another crypto community member took a dig at the volatility and price movement owing to Bakkt launch.
Dovey Wan’s reaction came with a devilish grin.
Bakkt launch was further compared to the homecoming of a herd.
Bakkt futures contract attracting can also be due to prevailing uncertainty in Bitcoin (BTC) price. The much-anticipated launch was expected to have a massive impact on the price. However, the beginning has failed to create any major impact. The price of BTC continues to hold its levels above $9950 looking for decisive action.
Will Bitcoin break resistance levels or will the “cold” launch of Bakkt lead to a further dip in prices? Will the momentum be slow and steady or a sudden spike will be seen? Let us know what you think in the comments below!