Bakkt’s Cash Settled Bitcoin Futures on 7 Day Volume Pump

[cheezcarls]

Bakkt’s official Twitter account noted that the recently introduced cash settled Bitcoin futures market has been trading at a volume of over 1,000 lots consistently for 7 days now. Some in the cryptocurrency space still debate how positive this really is for Bitcoin.

The announcement came just minutes ago from Bakkt (@Bakkt) itself

Click here to read the full news

It's good for Bakkt then. Correct me if I'm wrong, but Bakkt's momentum has just getting started after their CEO has secured a U.S. senatorial seat.

They have set such records, and trading volume is quite impressive as well. But for me, I think Bakkt is still having long ways to go. But for me, I think this is just the beginning for Bakkt.

I just hope that their momentum keeps up in a consistent way. Not just being consistent in terms of volume, but it would have greater numbers in the long run.  

[Harlot]

Definitely a positive news for Bitcoin but certainly hype surrounding BAKKT is over thus is not making it affect the prices for Bitcoin anymore. This is what happens when we over expect a positive news to be something bigger yet when it has launched officially nothing has happened with the price since no one is following on it anymore. I believe that it would take a even bigger news for BAKKT for it to finally do something with Bitcoin's price on the regular market and also together with a bullish chart to make it more effective.

[dothebeats]

Hopefully though this does not get any negative press considering that people love to go on and taint such news with bad things. Bakkt surely has gotten the boost it needs after the CEO got its seat on the senatorial slate, though I have doubts that this would turn into something positive within the next few months. Personal agenda could ruin Loeffler's position in the government and that's the last thing everyone wants to happen.

[franky1]

each contract is 1btc and volume is 1000
not much volume. and only 1000 customers at max using it.

i dont think this is going to be a big impact on proper btc exchanges, because although bakkt hold 1000 bitcoin for the contracts as collateral. the trades they do are dollar settled meaning dollar in dollar out betting on btc price. not rally a gate way for customers to buy bitcoin and take bitcoin away.

if it was bitcoin withdrawl settlements then it would require bakkt to keep purchasing 1000btc to replenish the 1000 it would give out if it was btc settled. but its usd settled

so basically like having a horse people pay in dollars bet on f the horse will win, and get dollar out if they win. but never even get to touch the horse. never own the horse

[blckhawk]

Though it's still up for debate. The CEO securing a seat in the senate is still up for debate, whether that would be surely go positive on cryptocurrencies, or she has other plans in mind, or that she might get influenced by power and make decisions that would benefit her, instead of cryptocurrencies.

In terms of price trend, it hasn't really affected it significantly either. Market sentiment is split up, some argue and some supports. Either way, it does have some potential, it just doesn't translate that well on the prices as of now.