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Why is Bakkt planning to list cash-backed Bitcoin futures?

Bakkt has announced it will be listing cash-settled BTC futures, a pivot in the strategy that may seem at odds with the company’s founding vision. Bakkt’s Chief Operating Officer Adam White made the statement at Coindesk’s Invest conference in New York this week according to YAP Global, stating that the InterContinental Exchange-owned firm intends to launch cash-settled contracts before the close of the year. Cash-Bakkt The move will come to some as a remarkable about-face for a company that campaigned on bringing “trusted price formation” to the cryptocurrency market with its flagship physically settled BTC contracts, launched in late September, and took the name “Bakkt” in a nod to its products being backed—physically settled—in contrast to its cash-settled competitors. Those concerned about the potential for a total deviation from the firm’s purported intention not to “create a paper claim on a real asset” may find comfort in one detail of the plan, however—the cash-settled offering will reportedly draw its price from Bakkt’s physically-settled BTC index. Bakkt’s physically settled futures launched with a fraction of the volumes than that seen on the 2017 debut of CME’s cash-settled contract (widely considered to be the benchmark for institutional interest in Bitcoin and Bakkt’s initial competitor,) and yet the firm has since reported consistent gains in trade volume, having last week crossed $1 million in open interest. An arms race? Now, however, the firm seems to be fixed on outmuscling CME with its own cash-settled product and consolidating power to become the one-size-fits-all institutional trading venue for Bitcoin. Such a strategy would explain the plans to offer cash-settled contracts as well as a number of recent moves. On Monday, White announced that the New York-based company had opened up its custody solution to any institutions looking to store Bitcoin, in a bid to expand “access to the global economy by building trust in and unlocking the value of digital assets.” This mission statement may ring true when it comes to Bakkt’s more long-standing ambitions, having taken on corporate giants including Starbucks and Microsoft as inaugural investors apparently in order to accelerate the global adoption of “digital assets.” And yet, time will tell if Bakkt’s original intentions—about preserving the integrity of Bitcoin—will outweigh the desire to dominate the institutional cryptocurrency market as quickly as possible. The post Why is Bakkt planning to list cash-backed Bitcoin futures? appeared first on CryptoSlate.
Cryptoslate

Bakkt’s custody ambitions could trigger market consolidation

Quick Take Bakkt launched its institutional custody business on Monday This may pose an existential threat to other crypto custodians As custody fees compress, companies are forced to provide some value-adds such as altcoin custody, staking and lending to retain customers Or they can be acquired by Bakkt and other brand names with big budgets and an appetite to shop around This feature story is available to subscribers of The Block Daily. You can continue reading this Daily feature on The Block.
The Block Crypto

Bakkt Bitcoin Futures Print Three Consecutive Days of High Volume

After a dismal start, interest in Bakkt’s physically-settled Bitcoin futures is finally improving. The Intercontinental Exchange-backed venture has just recorded three consecutive days above $10 million in trading. The figures still lag far behind the 24-hour Bitcoin trading volume reported at other large trading venues. Compared to the volumes reported at Bakkt’s debut in September, however, yesterday’s $12.7 million trading session seems huge. Interest in Bakkt Picks Up, $42.5 Million in Bitcoin Futures Contracts Trade in Last Three Days According to the Bakkt monitoring Twitter account Bakkt Volume Bot (@BakktBot), the regulated, physically-settled futures trading platform enjoyed its third consecutive bumper day of trading yesterday. Down around 10 percent from its previous session, the exchange still saw $12.7 million worth of its contracts trade. This represents a total of 1,456 BTC. Bakkt set a new all-time high just three trading days ago. On Friday November 8 $15.6 million dollars worth of Bitcoin futures traded. This represented a significant increase on the previous all-time high of $10.3 million, recorded on October 25. Coincidentally, or not, the price of Bitcoin experienced a huge surge on October 24 following the recent endorsement of blockchain technology by the Chinese government. ICYMI: Tuesday's Bakkt Bitcoin Monthly Futures: Traded contracts: 1456 ($12,725,440) Day before: 1622 (-10%) All time high: 1756 (11/8/2019) *bleep blop* tip sats for server costs https://t.co/TF6sNUwWpO pic.twitter.com/bk5aBVLPLc — Bakkt Volume Bot (@BakktBot) November 13, 2019 Bakkt’s volume is still a long way behind that reported at the planet’s major cryptocurrency exchanges. BitcoinTradeVolume.com reports Binance, for example, as trading over $381 million. Meanwhile, the cash-settled Bitcoin futures contracts offered by the CME Group reportedly traded $133 million over the last 24-hours. However, given that Bakkt saw trading days as low as $200,000 shortly after its launch, the current figures represent a huge growth in interest in Bakkt’s futures contracts. In other Bakkt news, the exchange has just opened its custody solution, Bakkt Warehouse, up to all institutional investors. As NewsBTC reported earlier this week, the service was previously only available to Bakkt clients wanting to trade its Bitcoin futures contracts. However, perceiving a need for regulated, institutional-grade custody, Bakkt extended the storage system to other interested clients around the world. In addition to the extending of Bakkt Warehouse access, the ICE-backed venture is preparing to launch options on its futures contracts next month. The company says that such products will better enable traders to manage risk and the decision to launch them comes as a response to user demand. Meanwhile, the CME Group is working towards the launch of its own options products on its Bitcoin futures contracts. Expected in January next year, the product is still pending regulatory approval according to a release published yesterday.   Related Reading: Libra Crypto Crumbles as Facebook Launches Alternative Payments Platform Featured Image from Shutterstock. Bakkt Bitcoin Futures Print Three Consecutive Days of High Volume was last modified: November 13th, 2019 by Rick D.The post Bakkt Bitcoin Futures Print Three Consecutive Days of High Volume appeared first on NewsBTC.
NewsBTC

Bitcoin Options: What it Means For Prices and Volatility

The CME futures market will evolve with derivatives, as the operator announced January 13 as the launch date for options on Bitcoin (BTC) futures. Options are creating a new layer of complexity on the BTC market, and inviting new potential classes of investors. Bitcoin Options Offer Time Window to Buy Futures Options on BTC futures are a new financial tool, with more exchanges potentially coming on board in the coming months. Bitfinex, once a spot market leader, is ready with its version of derivatives. Bakkt, the ICE market, has scheduled options for December 9. Binance also has a limited offering through Binance JEX, a recently acquired trading platform. Buying a futures contract means an obligation to settle at some point, whether in cash or by taking physical delivery. An option is more complex – it offers the right, but not the obligation to buy a futures contract at a certain price during a certain time period. Options either expire, or are settled in the underlying futures contract. Buying an option thus offers a way to avoid exposure during unfavorable times. Options also offer a way to get exposed to an asset while only keeping a small margin for the trades. But risk mitigation won’t come for free. A BTC option would have a specific premium based on the volatility of the underlying asset. Crypto Exchanges May Push for Options Markets Beyond CME, a wave of options offering is also expected on crypto-to-crypto exchanges, which already have the technology to offer futures. The effect of options on the price of BTC may be noticeable, analysts believe. The balancing effect of options trading may further decrease volatility. So far, BTC has only seen the extremely risky binary options, which bet on the immediate price movement of the asset. The new drive is to build call and put options markets, both on mainstream platforms and through already established crypto-to-crypto exchanges. Spot market is less volatile after derivatives trading (CME,Bitmex,Binance, Bakkt…) due to the decreased level of information flow to the market. In addition to futures trade of options might decrease volatility of the spot market: pic.twitter.com/caf9iK8wDI — Bitcoin Theory (@TheoryBitcoin) November 12, 2019 The CME has already grown its volumes significantly, to above 32,000 BTC per day. The futures market is about to turn two years old, and has been viewed as one of the factors potentially directing the Bitcoin price beyond spot trading. The Bakkt physical delivery futures are still building up volumes, with growth in the past days. ∙ Today's volume so far: 1415 BTC ($12,409,550)∙ Last traded price: $8,770∙ Trading day progress: 83%∙ Current daily Bakktarget: 1522 BTC ($13,345,660) — Bakkt Volume Bot (@BakktBot) November 13, 2019 Even at those volumes, Bakkt prepares to launch options on futures this December 9. BTC futures markets have managed to attract well-funded entities with good understanding of the markets, recently commented Chris Giancarlo, former Chairman of the Commodities Futures Trading Commission. Options may allow miners to hedge the risk of selling their coins at the right price, to finance hashing operations, machines, and electricity costs. A direct speculation in spot prices has been possible for BTC for years. There is evidence that a single “whale” could have swayed the markets on multiple occasions in the past. But mainstream BTC derivative markets offer artificial limits on volatility, thus “taming” wild BTC price moves. The effect of futures on BTC could have potentially decreased volatility, and options may further add to a tamer spot market. What do you think about options on BTC futures? Share your thoughts in the comments section below! Images via Shutterstock, Twitter @BakktBot @TheoryBitcoin The post Bitcoin Options: What it Means For Prices and Volatility appeared first on Bitcoinist.com.
Bitcoinist

Bakkt Looks to Move Into Singapore With Cash-Settled Bitcoin Futures Through Local ICE Exchange

The recent Invest: NYC conference by CoinDesk came with many announcements by cryptocurrency companies around the world. Bakkt’s CEO Adam White was in attendance, stating that the platform is presently working on cash-settled futures before next year, expanding on the current physically settled offerings that the brand has already. White remarked, “We have the intention […]
Bitcoin Exchange Guide

Bakkt Will Offer Cash-Settled Bitcoin Futures to Singapore Before 2020

Coinspeaker Bakkt Will Offer Cash-Settled Bitcoin Futures to Singapore Before 2020ICE Clear Singapore will be offering a new type of Bitcoin futures. Those are cash-settled ones, thus will also be available via ICE Futures. Venture funds from across Earth show their intent to work together with ICE‘s Bakkt too. Bakkt COO Adam White says that the new product is under discussion with the Monetary Authority of Singapore (MАS).When Bakkt first appeared on the horizon in 2018, it took almost a year to build their first product: physically-settled monthly Bitcoin futures. Their competitors from Chicago Mercantile Exchange already have their cash-settled futures available, making them kind of a monopoly player. Yet CME wants to expand: they have announced a new mobile app that will be working in 2020. It will allow people to buy goods using bitcoin and browse thousands of shops online. Add their new options program that will be launched soon, and you’ll see a picture of hardcore competition between custodial crypto service providers.The Bakkt’s measures of security are still a subject to study, yet any market is risky and a volatility zone. To compete with CME, Bakkt will have to roll out similar products in no time and find a way to impress the public.After Slow Start, Bakkt Gains PaceOn September 23, Bakkt was launching its first product on the crypto market – Bitcoin futures backed by Bitcoins themselves. This was a massive cause of predictions wave, with different experts saying that Bakkt launch will kick bitcoin price index right on the moon level.In reality, we’ve seen a very slow start, with Bakkt accepting one contract on their first day of trades. However, two weeks later, they already had a significant volume. In the latest two weeks, Bakkt shows more than 800% increase compared to previous periods. Making deals with more than a thousand bitcoins per day. If we consider that at least 80% of reported volumes on major crypto exchanges are fake, then Bakkt indeed achieves significant traction despite the regulatory and ideological uncertainty.Investing in Bitcoins while being an institutional investor is like investing in Robinhood money. You invest in the idea that you are evil. How could one even come to the idea such ideology can be profitable? Yet, it is, and Bakkt’s intent to grow only shows that rich people want to play the game of revolution against themselves just like you do. At what point they will understand that substantial investments in crypto could harm the banking system? What will they do then?Bakkt Will Offer Cash-Settled Bitcoin Futures to Singapore Before 2020
Coinspeaker
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DIGEST

Zcash unveiled an already fixed vulnerability, US presidential candidate McAfee the debtor, QuadrigaCX seeking protection and justice, Kraken's new partnership, evidence of BTC decentralization improvements, rumors as for Bakkt, a bunch of news from Ripple and Telegram TON updates

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DIGEST

Traditional Investors shift to OTC Bitcoin markets, Pantera Capital raises $115M, Peter Thiel backs a $2.1M seed round for Layer1, Medici Ventures acquires shares of Chainstone Labs, Vostok Project secures $120M, Ubique Networks partners with SLT, INCX launches in partnership with Bittrex, Issuance partners with Prime Trust, Coinbase and TokenSoft partner up, TRON Arcade to work with Gumi Cryptos

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DIGEST

GBV launches a $100M blockchain fund, Siemens invests $681M, Dapper Labs acquires $15M, Bitfury secures $80M, investors are defrauded of 6,9M HKD, FLiK is used to steal $5M, $300M to build crypto city, Grayscale releases its Q3 investment report, Morgan Stanley publishes its BTC report, crypto investor owes government $400K in taxes, Bitcoin Exchange Guide shows BTC traders mistakes, where institutional investors can invest in crypto

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HIGHLIGHT

Bakkt CEO: Physical Delivery, No Margin Trading

Earlier this month, the Intercontinental Exchange — the operator of 23 global leading exchanges including the New York Stock Exchange — announced Bakkt, a regulated ecosystem for digital assets. Kelly Loeffler, CEO of Bakkt, shares details about the upcoming platform.

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Telegram Denies All SEC Allegations and Requests Dismissal of Trial

Telegram has refuted allegations by the US Securities and Exchanges Commission in court, which claim that the planned Gram token from the messaging app is a security and, therefore, subject to regulations from the commission and has requested that the trial be dismissed because of this. Last month, the SEC successfully sought an injunction preventing Telegram from launching TON due to the fact that the ICO used to raise funds to develop the network was illegal. As a result of the injunction, investors in two separate ICOs were offered the chance to receive 77% of their ... ﾿ Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
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Bitcoin Ethereum Litecoin XRP BNB LINK NEO Technical Analysis Chart 11/13/2019 by ChartGuys.com

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Telegram Denies SEC Token Security Claims and Asks for the Lawsuit to Be Dropped

Telegram has asked the US court to drop the action brought against it by SEC, the Securities and Exchange Commission. SEC accused Telegram of launching an in-house cryptocurrency that is a security. Tuesday, the messaging app firm refuted the SEC allegations in the New York Southern District Court. The case was brought in last month […]
Bitcoin Exchange Guide
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