Is Bitcoin going to crash hard at Bakkt launch in 2 days?

Marco Green
September 23, 2019

Coinfomania: Where blockchain and cryptos live. CME's press release says that, since then, over 3,300 individual accounts have traded this product, and that so far in 2019, on average, nearly 7,000 CME Bitcoin futures contracts have traded each day.

The announcement today comes as a confirmation to earlier rumors that the exchange plans to add other bitcoin futures products to its gallery, in preparation for more institutional client onboarding.

When the news was announced, we noticed a decline in the Bitcoin price, but the bulls were able to recover the loss.

Some of the bigger skeptics believe that Bakkt could be used by institutions to short the price of Bitcoin, similar to how CME's futures were shorted before the Bitcoin collapse in January 2018.

"These new products are created to help institutions and professional traders to manage spot market bitcoin exposure, as well as hedge bitcoin futures positions in a regulated exchange environment", said Tim McCourt, global head of equity index and alternative investment products at CME. ICE announced in May that it had self-certified its futures contracts and in July began user acceptance testing to ensure that users could communicate with Bakkt's infrastructure, paving the way for the exchange to begin taking on customers.

Almost 7,000 bitcoin futures contracts, equal to around 35,000 bitcoin, have traded on average each day on CME so far this year, the Chicago-based company said.

Bakkt will encourage institutional investors to dive further into the cryptocurrency market.

Other reports by Click Lancashire

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