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Bitcoin (BTC) futures trading on the Intercontinental Exchange (ICE)’s Bakkt platform will expand to include a cash-settled option, COO Adam White has revealed.

Speaking at the Invest: NYC conference on Nov. 12, White reportedly stated that Bakkt “has the intention of offering a cash-settled contract as well” as its existing Bitcoin-settled product. 

Customer demand spurring product development

According to unnamed sources reportedly familiar with the roadmap, the cash-settled monthly Bitcoin futures will be offered via ICE’s Singapore-based clearinghouse, ICE Clear Singapore, and traded on the ICE Futures Singapore exchange. The exchange is notably accessible to futures traders signed up to ICE anywhere worldwide.

The sources claimed that ICE is in discussions with the city state’s de facto central bank, the Monetary Authority of Singapore, but is targeting a launch date before the end of 2019.

The prospective cash-settled product was reportedly mooted in response to customer demand and will be based on data provided by Bakkt’s physically-settled contract.

The Bitcoin futures space

As previously reported, Bakkt’s much-anticipated contracts — the first of their kind to be physically settled in Bitcoin — first went live this September.

Numerous commentators have considered that physically-delivered Bitcoin futures trading, which gives traders direct exposure to the asset, represents a leap forward for the institutional acceptance of the coin.

Notwithstanding the anticipation, the platform’s underwhelming volumes in the first week following its launch were unfavorably compared to the fiat-settled BTC futures on CME, which first launched back in December 2017. 

Volumes on Bakkt have since seen a sizeable uptick, however. Yesterday, 224 Bakkt Bitcoin monthly contracts were traded, according to tracking data compiled by Twitter account Bakkt Volume Bot. 

Meanwhile, almost $882 million is currently reported in daily traded volume for the Bitcoin/Tether (USDT) perpetual contract on Binance Futures.

Cointelegraph By Marie Huillet , 2019-11-13 12:31:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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