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Adam White, Bakkt COO, has said that top researchers from ICE are already at work to add the innovative cash-settled Bitcoin futures.

ICE Clear Singapore will be offering a new type of Bitcoin futures. Those are cash-settled ones, thus will also be available via ICE Futures. Venture funds from across Earth show their intent to work together with ICE‘s Bakkt too. Bakkt COO Adam White says that the new product is under discussion with the Monetary Authority of Singapore (MАS).

When Bakkt first appeared on the horizon in 2018, it took almost a year to build their first product: physically-settled monthly Bitcoin futures. Their competitors from Chicago Mercantile Exchange already have their cash-settled futures available, making them kind of a monopoly player. Yet CME wants to expand: they have announced a new mobile app that will be working in 2020. It will allow people to buy goods using bitcoin and browse thousands of shops online. Add their new options program that will be launched soon, and you’ll see a picture of hardcore competition between custodial crypto service providers.

The Bakkt’s measures of security are still a subject to study, yet any market is risky and a volatility zone. To compete with CME, Bakkt will have to roll out similar products in no time and find a way to impress the public.

After Slow Start, Bakkt Gains Pace

On September 23, Bakkt was launching its first product on the crypto market – Bitcoin futures backed by Bitcoins themselves. This was a massive cause of predictions wave, with different experts saying that Bakkt launch will kick bitcoin price index right on the moon level.

In reality, we’ve seen a very slow start, with Bakkt accepting one contract on their first day of trades. However, two weeks later, they already had a significant volume. In the latest two weeks, Bakkt shows more than 800% increase compared to previous periods. Making deals with more than a thousand bitcoins per day. If we consider that at least 80% of reported volumes on major crypto exchanges are fake, then Bakkt indeed achieves significant traction despite the regulatory and ideological uncertainty.

Investing in Bitcoins while being an institutional investor is like investing in Robinhood money. You invest in the idea that you are evil. How could one even come to the idea such ideology can be profitable? Yet, it is, and Bakkt’s intent to grow only shows that rich people want to play the game of revolution against themselves just like you do. At what point they will understand that substantial investments in crypto could harm the banking system? What will they do then?

Jeff Fawkes , 2019-11-13 12:35:39 ,

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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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