Bakkt Opens Up To Potentially Introducing Ethereum Futures After Initial Bitcoin Product Launch
Bakkt Opens Up To Potentially Introduce Ethereum Futures With Its Altcoins Products
In an exclusive press notice on November 23, ICE-backed cryptocurrency exchange, Bakkt, hinted at the potential at mulling on the addition of altcoins contracts. The announcement comes days before the company confirmed official postponement of its BTC futures launch that was scheduled for December 12. Later, the firm released a statement of the launch date to debut at the end of January 2019.
In the Q&A tweet session, Bakkt executive took time to explain the new shift and the primary motivating force behind their decision to support not just BTC futures but also altcoin additions.
The tweet reads,
“We'll consider additional contracts as the crypto landscape evolves and we will receive additional customer feedback on what they want and need.”
Although the tweet session did not mention any specific crypto assets, the commentators did hint at Bakkt's move potential affecting the BTC and alternatively other crypto markets.
As a crypto firm backed Wall Street heavyweights, Bakkt remains a front-runner in helping such firms institutionalize their crypto ventures or goals. Often this means, Bakkt plans are essential for crypto investors looking to earn from the Bitcoin market. Indeed the impact of Bakkt was evident with a 40 percent drop in the value of BTC after the confirmed postponement of the BTC futures till next year. The price plummeting to new lows of BTC/ USD 3791.55 till the amount ended to below $3,700. Initially, the volatility of BTC was thought to be responsible, but crypto insiders recognize the initial influx of crypto investors and the subsequent cancellation of the BTC futures launch as responsible for the ongoing bear market.
Renowned hedge fund manager Michael Novogratz attest to this theory and claims of potential BTC growth in the next quarter based on the institutions investing in it through Bakkt.
In an interview with Financial News earlier in November, he said:
“By the end of the first quarter we could take out $10,000, and after that, we will be back to new highs – perhaps to $20,000 or more.”
Possible Concerns For Investors?
The BTC futures delay by Bakkt raised a lot of concerns for crypto investors and had a following adverse effect on BTC price. However, Bakkt did not indicate any substantial need for investors to worry about the delay. The firm instead frames its decision on the need to get their details in order before the BTC futures trading can take place.
CEO Kelly Loeffler writes:
“Given the volume of interest in Bakkt, and the work required to get all the pieces in place, we will have to be targeting January 24, 2019, for the launch and to ensure that our participants are ready to trade from Day 1.”
Background On Bakkt
Bakkt is a cryptocurrency exchange backed by the Intercontinental Exchange (ICE), the parent company of leading global exchanges such as the New York Stock Exchange (NYSE). The venture is formed with the purpose of developing open technology that connects the existing crypto markets and merchant infrastructure within the blockchain.