The highly anticipated Bakkt Exchanges has launched today. Bakkt is a bitcoin futures exchange & digital assets platform, made available by the Intercontinental Exchange (ICE), which the parent company of the New York Stock Exchange (NYSE). The launch was highly anticipated since it enables traditional investors to easily buy Bitcoin Futures.
The expectation was that the launch of Bakkt would result in an uptrend for Bitcoin. Unfortunately, at the time of writing, Bitcoin’s price has dropped below 10k. It traded above the 10k mark at the launch of the platform:
The first Bakkt Bitcoin Futures trade was executed at 8:02pm ET at a price of $10,115
— Bakkt (@Bakkt) September 23, 2019
One of the perks of of Bakkt is the Bakkt Warehouse, an online (“warm”) and offline, air-gapped (“cold”) digital asset storage. Bakkt rebalances between warm and cold storage tiers to minimize risks associated with warm storage, and those wallets are covered by a $125,000,000 insurance policy from a leading global carrier. In addition, Bakkt is working with one of the largest custody banks in the world, BNY Mellon, as part of its safekeeping process.
The launch of such a futures platform is definitely a good thing for Crypto. It will attract new institutional investors who want a piece of the Bitcoin Pie, but for now, this might be a classic Sell The News – move of Bitcoin!