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Bitcoin price has continued its sideways trend today, trading with tepid momentum at $3,640.60 levels.
Highly anticipated, the ICE Bakkt platform’s released the intricacies of its first product (i.e. BTC futures). The enterprise meant to be an end-to-end solution in the gamut of cryptocurrencies and assists in price discovery began by offering physically delivered Bitcoin futures.
The cryptocurrency platform (Bakkt) has also announced that they are hiring for a number of top-notch positions through a tweet on Jan 22nd.
The trading dashboard with the product name of this platform would be the “Bakkt BTC (USD) Daily Future”, while each contract comprises of a 1 BTC in size.
And these derivatives contracts are priced in US dollars up to two decimal places.
The minimum price flux is at around $2.50 per BTC futures contract, dropping to a cent per contract on block trades of 10 BTC or more.
The feature of no upper limit on daily prices can lure the aggressive traders and nevertheless, there would be a position limit up to 100,000 lots.
The trading clock for the Bakkt mechanism would be between 20:00 and 18:00, with a pre-open at 19:55 (EPT).
Settlement procedure takes place between 16:58 and 17:00 (EPT) each day.
A regulated custody solution, named as the ‘Bakkt Warehouse’ has been in place to monitor the delivery procedure of these traded futures contracts.
After these recent constructive developments amid stringent regulatory frameworks across the globe, some interesting questions strike many cautious and prudent crypto aspirants’ mind, like:
Would the Bakkt be able to fulfill SEC’s prerequisites and a ray of optimism for crypto-avenue?
Will the support of Bakkt set a precedent for key players of traditional financial markets to follow suit and overcome SEC’s obstacles?
Well, time should only, clarify these grey shaded areas.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 104 levels (which is bullish), while hourly USD spot index was at 5 (neutral) while articulating (at 05:56 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
