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Analysis News

Bakkt raised $ 600 K for the first day and soaring

According to Intercontinental Exchange (ICE), for the first day of trading monthly bitcoin futures contracts with bitcoin settlement, 63 BTC were sold for about $ 600 K with a constantly falling rate.

But today the rate is trying to take off.

The launch of Bakkt considered as successful. The product has proven its relevance. Although optimists expected larger volumes. Market expert Su Zhu, CEO of Singapore’s Three Arrows Capital hedge fund, said in reply:

– Bakkt will be likely first a trickle and then a flood…The reality is that most regulated futures contracts get low adoption on day one simply because not all futures brokers are ready to clear it, many people want to wait and see, the tickers are not even populated on risk systems, etc.

Three Arrows Capital was founded in Singapore in 2012 and specializes in emerging markets.

Bakkt is fundamentally different from other bitcoin futures, because contracts are settled in bitcoins, not in cache. This is a new level of adaptation, which marks a new level of traders involvement in the product.

In addition, the Bakkt platform can shape the market because it “potentially placing upwards pressure on the price in the long run”. Today, this pressure represents a direct line to $ 9,840.

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