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Bakkt Is Now Live. First Details About Trading Volume and Bitcoin Price Reaction After Much-Hyped Launch

  • Alex Dovbnya
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    Bakkt is off to a cold start with the Bitcoin price hovering slightly above the $10,000 mark

Bakkt Is Now Live. First Details About Trading Volume and Bitcoin Price Reaction After Much-Hyped Launch
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Bakkt, a new venture of the Intercontinental Exchange, has finally launched its Bitcoin futures contracts on Sept. 23.

While there is a lot of excitement in the air, the cryptocurrency market remains dormant with Bitcoin (BTC) moving less than one percent over the last 24 hours.

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Physically-delivered Bitcoin futures

CME has already asserted its dominance in the realm of cash-settled Bitcoin futures after its rival Cboe left the playing field back in March. However, Bakkt offers a completely different product – traders who bet on the future Bitcoin price moves will be able to receive their payouts in Bitcoin (hence, they are called-physically delivered).

According to eToro’s Mati Greenspan, the launch of Bakkt, which had been delayed multiple times, was the main catalyst for Bitcoin’s massive rally in 2019.

The launch of physically settled futures from Bakkt has been one of the main narratives behind the monster bitcoin rally during the first half of the year,” Greenspan told The Wall Street Journal.

Bakkt has launched its futures before LedgerX and ErisX achieved a similar feat.

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Is Bakkt flopping?

At the time of writing, Bakkt has registered only 13 BTC of trading volume, which is insanely low. Of course, this amount is expected to grow throughout the day, but the afore-mentioned number is very alarming.

Bitcoin has barely moved an inch after the Bakkt launch despite the lion’s share of traders expecting more volatility. It is currently sitting at $9,953, according to CoinStats data.

Bitcoin price 09/23/19
Image by coinstats.app

As reported by U.Today, the VanEck/SolidX ETF proposal was withdrawn after their Bitcoin trust showed very little demand.

However, one shouldn’t forget that Bakkt is the brainchild of Jeff Sprecher who is unlikely to let his first crypto venture flop. 

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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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