BTC Futures launches

Bitcoin futures trades on the Intercontinental Exchange (ICE) Futures US. The BTC fan base got what it was waiting for. Listings on Bakkt. Digital assets recognized. Bitcoin adoption.

Was it worth the wait?

If you are betting against BTC price. The answer is yes.

Since the September 23rd launch, the market has made a correction. With alt coins and Bitcoin facing major price changes. Stable coins staying as expected.

Crypto losses across the board — coin365

Bitcoin dropped to under 8,500USD. Many continue to speculate on the market. Time is necessary to adjust, starting small and then becoming what many hoped it would be.

Fast forward 24 hours, the losses continue to mount.

In another 24 hours, BTC dropped to under 8,000USD

The market hasn’t been under 8k since June.

Last bull run and 8k valuation

Key talking points

Volume

Bakkt’s small volume, has not come close to other bitcoin futures markets. Chicago Mercantile Exchange (CME) during its first week traded 460 million USD. On Bakkt, the number of contracts stood at 76. Meaning that under 760,000USD of volume has transacted. A number far away from what many would have hoped. Currently, September 27th, that number has increased to 142. But, even if BTC valued10K, that is a total of 1.4 million USD. Close to a working week of open futures trading.

Bakkt has a long road ahead.

Potential

For Bitcoin, perception and adoption are key to growth. This launch is a step in the right direction. ICE have added Insurance policies covering 125 million USD. While offering Financial security and control audits. Opening up the markets to more investment and traders.

ICE had planned to launch in 2018. But with regulation and setbacks, took an entire year longer to push out the launch.

Investment and adoption can’t hurt in the long run, can it?

As more volume adds to the market, will BTC and other alt coins lower in price? So far, one could think so.

What do you think?

Looking forward to hearing your comments below.