Top Crypto Investment News, Listings, Member Posts, Crypto Investment Daily Indices and more!

4yrs ago Crypto newsbtc Views: 273

The bitcoin market is calm even though it awaits the launch of a very bullish product: a set of physically-delivered futures.

Intercontinental Exchange (ICE), the world’s second-largest exchange by market cap, is going to offer trading of two Bitcoin Futures Contracts, one daily and other monthly, from September 23. The contracts, backed by Atlanta-based digital asset firm Bakkt, have received approval from the Commodity Futures Trading Commission (CFTC). Meanwhile, Bakkt also has gained custodianship rights to customers’ bitcoin following permission from the New York Department of Financial Services (NYDFS).

The event bids to promote bitcoin trading among institutional investors, a class of monies that till now maintains a safe distance from cryptocurrencies because of their unregulated nature. Speculators see the launch of Bakkt futures as a means to attract substantial capital inflows from Wall Street, which would send the bitcoin prices higher.

Bitcoin Investors Feeling Cold-feet

But as the date of the Bakkt launch is nearing, the same speculators are feeling cold-feet. Bitcoin’s volatility has hit its 4-month low going down, as reported by Forbes here, indicating that traders are looking at each other while wondering who among them would make the first move. The uncertainty has resulted in choppy price action – a bias conflict – that gives no hint about the bitcoin’s next trend.

As of this time of writing, bitcoin is trading between a strict range defined by $9,700 and $10,050, still down by at least 8 percent from its weekly top.

According to the famous market theorist PlanB, Bakkt’s launch is not necessarily a bullish event, but it promises the crypto to discover its real market value.

“ICE is offering physically-settled Bitcoin futures through its Bakkt unit. It will act as an exchange, clearinghouse, and settlement authority. ICE BTC futures will create price discovery apart from any cash market influence.”

Yes, esp. because not dependent on spot market rates of exchanges for settlement. CME is cash settled, therefor dependent on (an average of) exchange rates, thus sensitive to manipulation & fraud. Institutions don't like that. ICE/Bakkt has it's own price based on real #bitcoin.

— PlanB (@100trillionUSD) September 11, 2019

Chicken Run

Meanwhile, many analysts have already started weighing-in the possibility of a bitcoin price crash. Their technical indicators measure see the cryptocurrency below the $9,000 level, unfazed by Bakkt or any other active market fundamental. Theories such as these are fueling the bias-conflict further as traders continue to wait for a bullish hero to enter a large buying order – or a bearish villain to do the opposite and crash bitcoin.

$BTC – daily candle closed with a strong rejection of intraday highs…Middle BB held support when tested…FIB retrace currently at 38.2% #bitcoin pic.twitter.com/6Bi4DNw76d

— Chonis Trading- - FTG (@BigChonis) September 7, 2019

“Some long/mid-term longs may be concerned about prices crashing,” reasons Alex Krüger, a balanced crypto analyst. “I can’t tell anyone what to do. Can say being concerned is a great way to make a mistake, as it often leads to an emotional exit if the price moves against. Need to have a plan. Reducing size helps in sticking to the plan.”

Bakkt Futures’ Launch in Focus as Bitcoin Hints Price Crash on NewsBTC.


Today's Crypto Investment Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.