The Intercontinental Exchange’s Bitcoin-based Futures derivatives trading platform, Bakkt, has – to date – experienced a hundred fold growth in trading volume. Despite an underwhelming performance at launch time, the feverishly hyped, Bitcoin Futures exchange on Wednesday logged another trading record, prompting many a speculator to soothsay an imminent Bitcoin rally.
Setting, yet another, record on Wednesday, the exchange was reported to have logged trading volumes of 5671 traded contracts, valued at $42.52 million.
The assumption from many cryptocurrency traders is that Bakkt trading volume has an influence on Bitcoin prices. This has been evidenced by recent rallies in Bitcoin’s spot price suspiciously coinciding with all time highs in Bakkt trading volumes. Digital assets analyst, Alex Kruger, corrected this notion in a tweet. Kruger set the record straight, informing Crypto Twitter that Bakkt daily settled futures contracts, though indicative of institutional demand for Bitcoin action, were paper based. Thus having zero actual volume.
Bakkt recently announced that its Singapore unit will be listing Cash settled Bitcoin Futures contracts on December 9th. Singapore ICE Futures say’s it will list Bakkt cash settled, monthly, Bitcoin futures, which will be settled by by ICE Clear Singapore. Both entities falling under the Monetary Authority of Singapore’s regulatory jurisdiction.
“Our new cash settled futures contract will offer investors in Asia and around the world a convenient, capital efficient way to gain or hedge exposure in bitcoin markets,” – Lucas Schmeddes, president and COO of ICE Futures and Clear Singapore.
“Building off the success of our deliverable futures contract, the cash settled futures will leverage ICE’s regulated, globally-accessible market to offer a safe, secure and compliant environment for the trading of bitcoin.”– he went on to say
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