Will Bakkt’s Futures Contracts Test Have A Positive Impact On The Cryptocurrency Market?
- Bakkt is expected to launch the testing phase of its Bitcoin futures services
- Analysts and individuals are wondering which is going to be the impact on Bitcoin
The Intercontinental Exchange (ICE) is working on its Bakkt platform that will be offering Bitcoin futures contracts for companies and large investors in the market. Now, the company is testing its product and they would be releasing their official infrastructure in the near future. What many users and individuals are wondering is whether the current testing phase is going to be affecting Bitcoin (BTC) and its price.
Bakkt’s Influence On The Market
Bakkt and the ICE have been working for a long period of time in order to be releasing this platform to the market. Thus, this testing phase should already be priced in Bitcoin. That means that it might have a small and neglectable effect on the price of the most popular digital asset.
At the same time, there is no official information regarding the official launch date of the Bakkt platform. The intention was to launch this platform as soon as in December 2018, but things turned out to be more complicated than expected and the decision was postponed several times.
According to Nulltx, the user acceptance testing phase is expected to begin in July this year. That means that the real working product is just too far away from being released, at least not this or the coming month. At the same time, we can just speculate about who is going to be using this platform and which is the influence this can have on the market.
At the moment, the regulatory framework in the United States allows for Bitcoin futures, however, things may be different in the future and the country might not allow Bitcoin anymore. However, it seems an extreme situation since there are no things that would make us think that the U.S. is planning a ban on Bitcoin.
In addition to it, the current Bitcoin futures operative are those provided by the Chicago Mercantile Exchange (CME). Nulltx considers that very few people cared about these products and that they had a limited impact on the market.
It remains to be seen which is the real effect that these services provided by Bakkt and the Intercontinental Exchange would have over the virtual currency market and on the price of Bitcoin.