The Cryptosphere Is About To Change: Bakkt’s Successful Launch Could Boost Prices In The Crypto Market
The idea of Bakkt has been making waves back in 2018 and now everyone’s expecting its launch like the holy grail.
But how could a successful launch of Bakkt impact the crypto space? When and if it eventually launches, this Bitcoin exchange platform can impact the whole crypto market.
Bakkt’s ambitions are high
This would be the host of the very first Bitcoin-settled futures contract in the world.
Bakkt is aiming to create a more than liquid, well-policed US regulatory-approved market to trade BTC.
It will also focus on offering a scalable system for consumers, businesses, and merchants to use BTC in order to process the most efficient global commerce pricewise.
Bakkt is reportedly not the only player that’s aiming to achieve all this. There are also other exchanges that are trying to launch physically delivered crypto futures, and CoinFLEX is one of them.
Bakkt could change the crypto world
A study conducted by the Bank for International Settlements (BIS) revealed that all the announcements of general bans on crypto and restrictions that place them under the securities law triggered the worst effects on prices.
On the other hand, they also revealed that positive announcements on legal frameworks for cryptos and ICOs have positive effects and lead to market gains.
This is exactly what Bakkt is aiming at: it’s applying to the U.S. Commodity and Futures Trading Commission (CFTC) instead of the SEC for approval of its platform.
The platform is scheduled to launch on January 24th and it’s expected to trigger a boost in the cryptos’ prices or at least, more support.
The outlook seems increasingly promising. According to The Wall Street Journal, Bakkt”is expected to soon get regulatory approval.”
Let’s not forget that back in March 2017, the rejection of a Winklevoss proposal to alter stock exchange rules to allow a BTC ETF triggered BTC to drop 16% in 5 minutes.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.