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Bakkt Flops on Its First Day with Embarrassing Trading Volume, but Bitcoin Bull Brian Kelly Remains Positive About Its Long-Term Potential

  • Alex Dovbnya
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    Bakkt trades only 72 BTC on its first day, but it might be way too early to call it a flop, according to Brian Kelly 

Bakkt Flops on Its First Day with Embarrassing Trading Volume, but Bitcoin Bull Brian Kelly Remains Positive About Its Long-Term Potential
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Contents

Despite high expectations, Bakkt’s much-anticipated launch ended up in the flop territory with only 72 BTC (around $701,000 at press time) traded during the first day.

While these numbers are undoubtedly underwhelming, Bitcoin proponent Brian Kelly recently opined that Bakkt might eventually succeed in the long-term.

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A big nothingburger

Bakkt, which is helmed by Jeffrey Spencer’s Intercontinental Exchange, offers physically-delivered Bitcoin futures, which is a completely novel product. However, with less than $1 mln worth of contracts at the time of writing, the demand might not there.

For comparison, Chicago-based CME’s first-day volumes reached 5,298 BTC when it debuted its cash-settled Bitcoin futures back in December 2017.

As reported by U.Today, the number of CME’s futures contracts has experienced a 132 increase compared to 2018.     

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A different perspective

During his recent appearance on CNBC’s “Fast Money,” Kelly states that he doesn’t expect Bakkt to be a “massive catalyst,” but he is certain that it looks good from a long-term perspective.

When asked by longtime anchor Melissa Lee whether institutional investors plan to put their money in Bitcoin, Kelly answered that Bakkt’s custody solution would bring them onboard.   

“Because they have this physical storage, which would be electronic like cold storage, this is like a custody solution, so it will bring those institutions in that need that custody solution.”

BK also points out that it will tie Bitcoin to the futures, which will reduce the coin's volatility.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Nationwide Blockchain of China Finally Preparing for Launch

  •  Denis Sinyavskiy
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    China launching nationwide blockchain service in beta mode until March 2020. It must push forward digital economy and smart cities

Nationwide Blockchain of China Finally Preparing for Launch
Cover image via www.123rf.com

China continues to take steps toward the digital economy and smart cities by officially releasing a nationwide blockchain service network, XINHUANET says.

Blockchain service network expectations

UnionPay, State Information Center (SIC), China Mobile and three other organizations worked on a system that will help China lead the blockchain technology market. Blockchain beta testing has already been announced and will last until March 2020, and all content and services will be available for free till that date.

BSN is expected to accelerate the development of digital technology and smart cities, as well as foster the development of new technology and industries.

What about CBDC?

Earlier, U.Today reported, that China has come close to creating its own cryptocurrency and may even launch it this fall, but then there was information that the national digital currency will appear later.

But China will not become the first country to introduce a national cryptocurrency. The Kingdom of Bhutan has already done it this month, as we already reported.

So, what do you think? Does the launch of China's national blockchain mean that the country will become a leader? Write what you think about this in the comments section!

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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