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.

Potential Influence

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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI Plunge Might be Over After Record Number of Addresses Unload All their Tokens

In the past three days, the DeFi darling YFI has lost more than 36% of its value, going from $34,400 to $21,950 today. At the...

Financial Firms & Law Enforcement Find Cryptocurrencies More Risky Than Opportunistic: RUSI Survey

Financial firms, government, and the private sector all see cryptocurrencies as risky, found a survey by the Royal United Services Institute think-tank and the...

Kadena to Launch DEX to Rival Uniswap; Touts Higher Speeds and Multiple Protocol Support

Kadena announced on Tuesday that it would roll out a Decentralized Exchange (DEX) dubbed ‘Kadenaswap’ towards the end of 2020 in a bid to...

Crypto Exchange Bitpanda Raises $52 Million in Series A Round to Offer Access to Stock Markets

Cryptocurrency exchange Bitpanda has raised $52 million in its first major funding round, Series A led by PayPal co-founder Peter Thiel’s Valar Ventures. Other...

Coinbase Launches Staking Program For Cosmos, ATOM Holders Can Earn 5%

In a blog post released on Wednesday, Coinbase introduced staking on ATOM, promising up to 5% return per annum on the value staked. The...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today