Intercontinental Exchange (ICE) has announced the margin requirement for the upcoming — on Sept. 23 — physically delivered daily and monthly Bitcoin futures on Bakkt.
As per the document, the initial hedge requirement for both types of products is USD 3,900. Also, the speculative initial requirement for 1 contract of both daily and monthly Bitcoin futures is USD 4,290.
On Monday, the soon-to-be-released digital asset trading platform announced that the BTC deposit at the Bakkt Warehouse is protected by a $125 million insurance policy.
The firms started accepting the deposits and withdrawals on Sept. 6.
However, for now, the Bitcoin price remains unaffected by the news.
On Sept. 6, BTC price first went form $10,950 to about $10,220. Then yesterday, we went even lower at $10,060.
At the time of writing, BTC/USD is trading at $10,254 with 24 hours loss of 0.68 percent.
The market is eagerly awaiting the launch of Bakkt since it announced the news last month. All this excitement is driven by the fact that unlike CME, here institutional investors will be trading with actual BTC.
Bakkt is expected to attract a horde of institutional investors.
As for price, currently the situation looks like more of a “buy the rumor, sell the news” type.