Bitcoin has increased over $1,000 since news of Bakkt’s futures contracts
Aug 19, 2019
Last week, news came that Bakkt, the digital asset platform that the Atlanta-based company that owns the New York Stock Exchange is behind, has been given the go-ahead from authorities to start its bitcoin futures contracts trading.
“We’re starting with the introduction of a regulated and secure qualified custodian for bitcoin to support our futures contracts. The Bakkt Warehouse, which is part of Bakkt Trust Company, is built using the cyber and physical security protections that support the world’s most actively traded markets, including the NYSE”, Bakkt wrote in a blog post last Friday.
Bitcoin price up over $1,000
The date for the launch of the new futures contracts is set for September 23, and many in the crypto world thought this news would have a positive effect on the bitcoin price, because it, among other things, opens the door to institutional investors.
Since the news came last Friday, the bitcoin price has soared from $9,736 to $10,798 today Monday, an increase of over $1,000, which is nearly 11 percent, according to numbers from Bitstamp.
“Exactly what the ups or downs are due to is quite difficult to speculate on, especially when it is as short a time perspective as from one day to another. With that said, the approval of Bakkt’s license application is a bullish thing that definitely increases the legitimacy of bitcoin, which in itself can have a positive impact on the bitcoin price”, says crypto expert Totte Löfström to Trijo News.