JPMorgan: Bakkt Caused the Fall of BTC
As you remember, the price of Bitcoin fell by almost 20% — to $ 8,000 just the next day after the launch of futures contracts on regulated Bakkt platform. Nowadays BTC is trading on $7,900. According to JPMorgan's report, the launch of Bakkt and the current market situation are directly related.
It may be that the listing of physically settled futures contracts (that enables some holders of physical Bitcoin e.g. miners to hedge exposures) has contributed to recent price declines, rather than the low initial volumes.
It should be mentioned that the number of BTC futures was not too large at the first day of Bakkt launch, despite increased attention to this event. However, the trading volume has slightly increased since then: only 72 contracts were opened on Bakkt at the first day of trading, its number has increased to 217 at the second day. However, this is a low indicator on a market scale. Compare: CBOE and CME implemented 3969 and 5270 contracts at the first day.
As you remember, earlier we wrote about the first day of trading on Bakkt platform.
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