Although the leading cryptocurrency Bitcoin (BTC), and other cryptocurrencies have recently displayed sharp declines or upward trends, upcoming events have led many investors to eagerly look forward to the market to be completely pro-uplifting. The Bakkt platform, which has created excitement for a long time, just like Bitcoin ETF, and has been anticipated with excitement, will finally enter the market today.
With supporters such as the New York Stock Exchange, Microsoft, and even Starbucks, Bakkt has come to the end of months-long hustle and bustle. As of July 22, the stock exchange will start testing Bitcoin futures contracts with physical delivery. The physical delivery of Bitcoin futures is the first of its kind in the US markets and is therefore considered to have a serious impact. At the moment, it remains unclear as to who will test the product or how they will test it.
However, even Bakkt’s ability to move to the testing phase means a major event for the crypto money market. Bakkt’s CEO confirmed firsthand that tests will begin on July 22nd at an event organized by the New York Stock Exchange and that Bitcoin futures will be launched completely towards the end of the third quarter of this year.
Bakkt may open the door to a serious rise, and Fundstrat’s famous Sam Doctor made similar points in his statement on Twitter.
We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH @fundstrat @fundstrat_ken pic.twitter.com/lkRylD1P4C
— Sam Doctor (@fundstratQuant) July 19, 2019