Ripple (XRP) May Face Grim Future Despite Today’s Bounce

Earlier this past week Ripple (XRP) along with the aggregated crypto markets faced an incredibly sharp sell-off that sent XRP reeling down to lows of $0.25, which marked a significant pullback from the mid-$0.30 region where it has previously found stability.

Although the crypto was able to post a small bounce today, analysts are still noting that XRP broke below its 2018 support level, which could mean that significantly further losses are imminent.

Ripple (XRP) Finds Support Around $0.25 

At the time of writing, Ripple is trading up just over 1% at its current price of $0.265, which marks a slight increase from its daily lows of just below $0.26.

This past Wednesday, XRP incurred a significant influx of selling pressure that sent its price reeling down from over $0.30 to lows of roughly $0.25, at which point it found some strong support that allowed it to climb slightly higher.

It now appears that the $0.25 region is a strong level of support, as it has bounced each time that it has visited this region.

Importantly, unlike many other major altcoins, XRP is currently trading below its 2018 lows, and has now set a fresh low since it first began its downwards ascent from highs of nearly $4.00 in early-January of 2018.

Will XRP Drop Further in Near-Future?

Although analysts are not sure what has been the root cause behind Ripple’s lackluster price action throughout 2019, some investors have pinned it on regulatory concerns regarding its potential status as a securities product, which others have linked it to Ripple – the FinTech company closely associated with XRP – offloading massive amount of XRP onto the markets each quarter.

Regardless of what the cause might be, The Cryptomist, a popular cryptocurrency analyst on Twitter, noted in a recent tweet that the recent drop marked a break below its 2018 support level, which could mean further losses are imminent.

“$XRP: Relieved I sold last week! 🙂 Support from August 2018 has now broken. However, I am adding some here as we potentially have a falling wedge here. Breakout would test previous support,” she explained while referencing the below chart.

As the week wraps up, it is unclear as to whether or not Bitcoin’s price action will guide that of Ripple’s, or if the crypto will operate on an individual basis as it continues to face intense selling pressure.

Featured image from Shutterstock.

Will Growing Interest from China Propel Bitcoin’s Price Higher?

Bitcoin (BTC) has incurred a significant amount of volatility as of late which was perpetuated yesterday by news regarding the release of Bakkt’s physically settles Bitcoin futures product, which many investors view as a bullish development for the entire markets.

In addition to this, growing interest from China may help Bitcoin’s price climb higher in the near-future.

Bitcoin Stabilizes Above $10,300 After Recent Recovery

At the time of writing, Bitcoin is trading up over 1% at its current price of $10,330, which marks a significant recovery from its recent lows of roughly $9,500 that were set earlier this past week.

Despite the strong recovery from the bout of capitulation that sent BTC to its weekly lows, many analysts still believe that Bitcoin’s technical formations point to further bearishness in the near-future, which may be supported by the gap in the crypto’s CME futures chart, which currently exists at $8,500.

Despite this, Alex Krüger, an economist who focuses primarily on cryptocurrencies, explained in a recent thread of tweets that there is no guarantee that the gap will ever be filled.

“Even though gaps often fill, gaps are not meant to be filled. Gap filling is a combination of random variations (price moves), self-fulfilled prophecy (traders assign value to gaps), and lack of support/resistance within gaps (i.e. no trades inside),” he explained.

Will Positive Factors Help BTC Buck Recent Downtrend?

Assuming that a drop to $8,500 is not imminent, it is important to note that the markets have incurred robust fundamental developments as of late, which may help it reverse its recent downtrend and begin climbing higher.

Krüger further noted that there have been multiple bullish developments as of late that could help Bitcoin reverse its recent downtrend.

“Positive factors: Bakkt coming online Sep/23. Fidelity, Ameritrade, ETrade (awaiting news), HNWI & Macro traders interest. Macro narratives (false, but who cares). Retail interest trending (though still low). (Chinese interest in particular tripled in 2019, see,” he explained while referencing the below chart.

Assuming that the aforementioned fundamental factors, in combination with growing interest from China, helps Bitcoin reverse its recent downtrend, it is likely that $12,000 will be the next major level of resistance for the cryptocurrency.

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Crypto Tidbits: Bakkt’s Bitcoin Futures, Coinbase & Xapo, IRS Cryptocurrency Crackdown

Another week, another of Crypto Tidbits. While this week was crazy bearish for the Bitcoin price, the fundamental developments seen made up for the market collapse. Bakkt revealed that it will be finally launching its Bitcoin futures product; Coinbase made a large acquisition of a facet of Xapo; and Binance revealed that it will be taking its formal step into the U.S. market in the coming months.

It wasn’t all sunshine and rainbows, however. A massive cryptocurrency scam trended on Crypto Twitter and a number of verdicts on Bitcoin exchange-traded funds (ETFs) were put off once again.

Related Reading: Crypto Tidbits: Bitcoin Mining by Blockstream, Ripple Investment Plans, Binance US Unveils Altcoin Lineup

Bitcoin & Crypto Tidbits

  • Bakkt Cleared by NDFS, Will Launch Bitcoin Futures in September: That’s right folks, Bakkt is finally ready to (fully) launch its Bitcoin futures contract to the world. Announced via a surprising blog post on Friday, the cryptocurrency exchange, which has been backed by players like the New York Stock Exchange, Microsoft Ventures, and Starbucks, has received NYDFS and CFTC — the two financial regulators involved in such cryptocurrency vehicles — clearance to offer its physically-deliverable Bitcoin futures to clients. The prominent startup is eyeing a September 23rd launch date. Analysts have stated that the product is likely to see mass adoption from the get-go, and might be the catalyst that slingshots the industry into its next round of rapid growth.
  • IRS Continues Crypto Crackdown… And It’s Not Done Yet: The Internal Revenue Service of the U.S. has continued its crackdown on American crypto investors, recently issuing yet another round of letters. The letters, according to CoinDesk, were sent to those that the IRS believes are skirting taxes on cryptocurrency trades. This comes shortly after the tax agency sent a preliminary warning to thousands of Coinbase users. A slide deck leaked on Twitter suggested that the IRS is likely to only expand its cryptocurrency-related collection efforts.
  • PlusToken Scam Trends on Twitter, Causes Mass Panic in Bitcoin Markets: This week, prominent cryptocurrency venture capitalist Dovey Wan issued dozens of tweets about a scam called “Plus Token”. As this scam originated and operated in Asia, it caught a large portion of Crypto Twitter by surprise, despite the fact that the scheme had been going on for just around a year. Wan claimed that while the ringleaders of the $3 billion scam had been caught, blockchain evidence suggested that PlusToken’s wallets, which contains hundreds of thousands of Bitcoin and Ethereum, was sending capital to exchanges. This result in fears that the market was going to dump.
  • Institutions Are Foraying Into Crypto: According to a recent tweet from Brian Armstrong, the chief executive of Coinbase, there is no question that institutions are starting to make bonafide forays into “crypto”. Citing data from his firm’s deposits, there is around $200 million to $400 million worth of cryptocurrencies deposited into Coinbase’s coffers each week from “institutional customers”.

  • Coinbase Picks up Xapo’s Institutional Custody Division: According to Fortune, Coinbase has acquired Xapo’s institutional custody business. for $55 million, outbidding Wall Street’s Fidelity Investments It isn’t clear if any of Xapo’s employees or executives will be jumping ship. But, it has been confirmed by a source that a “majority of Xapo’s largest clients” will be transferring their assets to Coinbase’s custody unit, which now owns over 514,000 BTC — wow. It is important to note that with this deal, Xapo isn’t leaving the crypto custodian business. Far from, in fact. Speaking with Fortune, Casares has stated that it will still have control over its famous Swiss vault, which he claims will be used to store Bitcoin on behalf of Xapo’s retail clients.
  • Binance to Launch U.S. BranchSpeaking to Cheddar, Binance’s Changpeng Zhao revealed that his company will likely be launching the U.S. branch of its service, which was launched to combat regulatory concerns, by November.
  • NBA’s Dallas Mavericks Now Accepts Bitcoin: Despite the fact that it may be just a PR stunt, the NBA’s Dallas Mavericks, owned by Mark Cuban, will now be accepting Bitcoin as a method of payment for game tickets and merchandise. Announced via a press release on August 13th, the Dallas Mavericks has become the second team in the NBA to directly accept Bitcoin. Per the release and tweets posted by those involved in this sudden move, BitPay will be the payment processor in this move.
  • Ciphertrace Finds Cryptocurrency Crime is Still a Massive Industry: According to a recent report from industry analytics firm Ciphertrace, bad actors online have managed to make billions through digital asset-related crime in 2019 alone. The report, which is titled “Q2 2019 Cryptocurrency Anti-Money Laundering Report”, found that aggregate losses incurred by investors and firms due to cryptocurrency crime has reached $4.3 billion in the first half of 2019. 5% of the sum was sourced from hacking. Around 20% of the illicit gains were a result of misappropriated funds. And these rest of the gains were stolen through exit scams, like the aforementioned Plus Token.
  • Bitcoin ETF Proposals Delayed… Again: The U.S. Securities and Exchange Commission (SEC) has delayed its verdict on proposals in this class for the umpteenth time. On Monday, it simultaneously issued a delay verdict on three Bitcoin-backed funds from Bitwise Asset Management, VanEck and SolidX, and Wilshire Phoenix.
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Crypto Community Reacts to Bakkt But Not all Are Bullish

The news that regulatory approval has finally been granted to Bakkt has generally been perceived as bullish for the industry. However, not all in the crypto community are convinced that it is the best thing for Bitcoin and its brethren.

How Bullish Is Bakkt?

As reported yesterday by NewsBTC, the Intercontinental Exchange’s (ICE) new crypto trading platform has finally been given the go-ahead. A September 23 launch date has been set following regulatory approval by the Commodity Futures Trading Commission (CFTC) and the New York State Department of Financial Services. It may well open the door to institutional investors and could be a giant step forward for crypto industry legitimization in the US.

The concept of physically delivered bitcoin futures backed by the New York Stock Exchange may be the catalyst that takes BTC to mainstream consumer markets. Not all are convinced though as comments on crypto twitter today reveal. Crypto analyst going by the handle ‘CryptoChartsJoe’ has predicted a run up before the September launch then a big dump when it goes live:

“Regarding the #Bakkt news, expect the Crypto market to catch a bid, and run up hard. Then on the day that #Bakkt actually goes live, there’ll be a market selloff!! Again, Wall Street is best for breaking hearts, and stealing souls,”

Wall Street involvement in Bitcoin is rarely met with enthusiasm. The ability to short the asset as seen on CME futures markets leads to market manipulation which remains a fear for retail traders. Data scientist ‘CryptHawk’ echoed the sentiment tweeting;

“Not even gonna comment anything about #BAKKT so it’s useless and adds more manipulation, BS and crooks!”

Short Term BTC Price Movements

Crypto analyst has taken a look at possible price implications and has called for a break to the downside when Bakkt gets launched.

“I think we will be staying within this wedge area until #Bakkt Futures Launch on September 23….
Which coincidently coincides with the end of the wedge!
I predict it will break down.”

When the news broke BTC price barely blipped. Markets have been choppy this week and two dips into four figures have been recovered but Bitcoin is still facing strong resistance where it currently trades. A move up to around $10,400 was all that it could muster and the king of crypto almost 12 percent on this time last Saturday.

The Bakkt news has not affected Bitcoin prices in the short term, and while many are of the opinion that it is overwhelmingly bullish, not all share that sentiment.

Image from Shutterstock

Bitcoin (BTC) Price Hesitates But Further Recovery Seem Likely

  • Bitcoin price tested the $9,800 support and bounced back against the US Dollar.
  • The price is currently struggling to gain momentum above $10,400 and $10,500.
  • There is a key contracting triangle forming with resistance near $10,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to slowly rise as long as it is trading above the $9,800 support area.

Bitcoin price is showing positive signs above the $9,800 support against the US Dollar. BTC price might gain bullish momentum once it settles above the $9,500 resistance.

Bitcoin Price Analysis

In yesterday’s analysis, we discussed the chances of another pullback in bitcoin price below the $10,000 level against the US Dollar. The BTC/USD pair did move below the $10,000 support and remained well below the 100 hourly simple moving average. Moreover, there was a break below the $9,960 support area, but the $9,800 level acted as a strong support. A swing low was formed near $9,721 and the price started a fresh increase.

There was a recovery above the $10,000 and $10,200 resistance levels. Moreover, the price broke the $10,400 resistance level. However, the price struggled to gain bullish momentum above the $10,500 level. More importantly, the price struggled to surpass the 100 hourly simple moving average, which is currently at $10,450. Besides, there is a key contracting triangle forming with resistance near $10,550 on the hourly chart of the BTC/USD pair.

An immediate support on the downside is near the $10,130 level. It represents the 50% Fib retracement level of the recent wave from the $9,721 low to $10,542 high. However, the main supports are near the $10,000 and $9,950 levels. Additionally, the 61.8% Fib retracement level of the recent wave from the $9,721 low to $10,542 high will most likely act as a support near $10,035.

On the upside, the price must gain momentum above the $10,400 and $10,500 resistance levels. Moreover, a successful close above the 100 hourly SMA could start a strong rise towards the $10,600 and $10,800 levels. Conversely, if the price starts a fresh decline and breaks the $10,000 support, the next key support is near the $9,800 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly showing a few positive signs above the $10,000 level. Having said that, the bulls need to gain momentum above the 100 hourly SMA and $10,450 to push the price further higher in the near term.

Technical indicators:

Hourly MACD – The MACD is currently moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Major Support Levels – $10,030 followed by $9,800.

Major Resistance Levels – $10,400, $10,500 and $10,650.

Bitcoin Space Reacts to Bakkt’s September Launch Date Reveal

The long-awaited Bakkt platform has finally been given an official launch date. The regulated Bitcoin futures platform will go live on September 23, 2019.

Naturally, the Bitcoin and wider cryptocurrency community has greeted the news with optimism. The price of Bitcoin has responded favourably in the short time since Bakkt made the announcement too.

Wait, Weren’t There Bitcoin Bears Here Yesterday?

You probably know all about Bakkt by now. The cryptocurrency and mainstream news has reported on every little announcement made surrounding the launch of the new Bitcoin trading platform.

For those that don’t know what today’s hype is all about, the Intercontinental Exchange (the owners of the New York Stock Exchange) set out to create the world’s first institutional grade trading venue with regulated price discovery. Last year, when first announced, the plans attracted attention because of the company behind the venture, as well as high profile interest from the likes of Microsoft and Starbucks.

Since then, the platform has been teased in drips and drabs creating more excitement for what many see as the real institutionalisation of Bitcoin. Regulatory concerns delaying work on the project caused people to doubt whether it would ever even launch.

However, according to a post from Bakkt itself earlier today, the launch date is now set for September and it has received all the necessary approvals from relevant regulators. It will launch not only a physically-delivered daily and monthly Bitcoin futures contracts, an institutional grade custody solution, and regulated price discovery for the digital asset.

Naturally, Bitcoin-focused social media circles are elated by the announcement. Finding anything but bullish optimism amongst the many comments relating to Bakkt is nigh on impossible.

From early responses to the news, there seems to be a widespread feeling that Bitcoin is beginning a new chapter in its story.

Explaining just why Bakkt is being received as a big deal is @Rhythmtrader. The cryptocurrency analysis Twitter account states that the physical settling of real Bitcoin makes it different from similar futures markets. This allows for “better price discovery”:

Arguing along similar lines is widely-followed trader Scott Melker. He describes the development as “the most bullish event for institutional investors in the history of bitcoin” and it as a sign of a “maturing” market:

Popular cryptocurrency reporter and analyst Joseph Young describes the immediate impact the September launch announcement has had on Bitcoin prices. He claims there is now no possibility of a “short term bear trend”, adding that the price is up considerably over the past two days:

Drawing attention to the disparity between the approaches taken by different regulators around the world, developer and CEO of Indian crypto exchange WazirX, Nischal Shetty, commented on the fact that his nation’s regulators were still deciding whether people should be thrown in jail for their interest in innovative technology:

Finally, since an image is worth a thousand words, Twitter user @codeyisfun posted comment on the overall industry reaction to Bakkt:

 

Related Reading: Bitcoin Price Spikes Nearly $500 in Minutes on Bakkt News

Featured Image from Shutterstock.

 

Scammers Move Hundreds of Bitcoin to Exchanges; Is a Dump Inbound?

Over the past couple of days, investors have grown fearful regarding the possibility of a massive Chinese Ponzi scam dumping the significant amount of Bitcoin (BTC) that they hold in wallets onto the markets, which may have contributed to the recent downwards pressure experienced by the entire crypto markets.

Now, new data suggests that a small portion of the scammer’s Bitcoin has already been moved to exchanges, which may signal that a massive influx of selling pressure is imminent.

Chinese Ponzi Scammers Wield Significant Power Over the Markets With Massive Bitcoin Holdings

Earlier this week, investors were thrown into a slight panic after Dovey Wan, a founding partner at PrimitiveCrypto, elucidated the fact that one of the largest Chinese Ponzi schemes – which has resulted in multiple arrests – has led to a handful of scammers holding a total of 70,000 Bitcoin and 800,000 Ethereum in their wallets.

“JUST IN as per sir @loomdart‘s request, this thread is abt the on-going sells off made by PLUS Token, the biggest Chinese PONZI which scammed ~70K $BTC + ~ 800K $ETH,” she explained.

Importantly, the core members of this scam have been caught and arrested by the police, but the cryptocurrency that they stole from unsuspecting investors has not been recovered by police forces.

Importantly, a recent report from Bloomberg elucidated that, according to research from TokenAnalyst, it doesn’t appear that any of their addresses are exchange owned.

“It doesn’t look like any of these addresses are exchange owned. We’ll keep an eye on this to see if they do move the 100s of millions into exchanges at some point,” Sid Shekhar, the co-founder of TokenAnalyst, explained to Bloomberg.

Are Ponzi Scheme’s BTC Beginning to Move to Exchanges?

Despite the aforementioned data regarding the PlusToken group’s Bitcoin not having been moved to any exchanges, Dovey Wan noted in a tweet from earlier today that it now appears that 663 BTC have been moved to a Houbi Exchange wallet, while an additional 540 Bitcoin has been moved to a Bittrex Exchange wallet.

“PlusToken fund flow by @peckshield so far 540 $BTC has gone into @BittrexExchange and 663 $BTC has gone into @HuobiGlobal,” she noted while referencing the below graphic.

Although it remains unclear as to whether or not this Bitcoin will soon be dumped onto the markets, it is certainly a risk that investors should monitor closely, as it could lead to a significant sell-off in the future.

Featured image from Shutterstock.

Analyst Claims Almost 3,500 Successful Hacks on Non-Crypto Companies in 2019

Popular digital currency industry analysis Twitter account @Rhythmtrader states that almost 3,500 non-crypto companies have had their security breached so far this year. Well over a billion user accounts have been impacted by hackers.

Although difficult to verify (RhythmTrader rarely cites where the figures quoted are from), some of the biggest examples have impacted hundreds of millions of users. The ease with which even massive mainstream companies have been hacked should serve as a stark warning for all those choosing to store crypto via centralised methods.

Crypto Exchanges Aren’t the Only Ones that get Hacked, You Know?

Apart from volatility, one of the main fixations of the mainstream media with regards crypto assets has traditionally been exchange security compromises. There have been many huge examples of hackers making off with millions of dollars in the past. Even the biggest names eventually have their security breached and on many occasions users have been left out of pocket or the venues themselves have had to fork out to save face.

Such attacks have brought a lot of negative attention to the Bitcoin and wider crypto asset industry over the years. However, they are not unique to digital asset exchanges. One Twitter-based cryptocurrency analyst has argued that there are have been 3,494 security compromises against non-crypto “financial institutions” this year alone.

@Rhythmtrader’s Tweet below unfortunately does not say where it has sourced its data from. We therefore cannot be sure of the exact figure of successful cyber attacks this year.

However, the six successful attacks mentioned account for well over a billion users across the different companies that fell victim to the security breaches. This has prompted @Rhythmtrader to conclude:

“Anything centralized will be hacked.”

Such a statement applies to centralised crypto asset exchanges as much as it does to financial institutions, social network providers, or any other company storing data about users on centralised servers. It should also serve as a reminder about the importance of secure private key management for crypto users.

Many popular Bitcoin proponents stress the importance of preserving your own monetary sovereignty by learning how to correctly use cold storage techniques. This might help reduce the number of exchange hacks. If there was considerably less cryptocurrency to steal, there would be much less incentive to launch an attack in the first place.

It’s not just security concerns that should make learning about private key management a priority for newcomers to crypto assets. The most innovative and potentially world-changing aspects of Bitcoin and other public blockchains can only be realised when users control their own private keys.

If your crypto assets are stored using a service that holds your private key for you, that service must submit any transaction to the network on your behalf. You can no longer transact without their permission. For many, being forced to request permission to transact would strip Bitcoin of all its revolutionary potential, rendering it a little more than a hellishly inefficient version of one of the many existing permissioned payment networks that have existed for decades now.

 

Related Reading: Scammer Demands 300 Bitcoin From Binance in KYC Data Ransom

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Visualized: Bitcoin ROI Crushes Stock Market Returns

Those who are involved in or invested in Bitcoin, likely know full well the crypto asset’s long-term price potential and its potential to become the single global currency across the internet and beyond. They also know that Bitcoin has out-performed every asset in history, including anything the stock market has to offer, even including the likes of Amazon and Apple, and others.

But what they haven’t been able to do, is to watch this all unfold right before their very eyes, until now. In a new video data visualization, Bitcoin’s ROI is put head to head with the top-performing publicly trading companies on the stock market and shows how Bitcoin has easily bested them all to be the best performing asset to ever exist.

Bitcoin ROI Versus Top Stock Market Stocks ROI

When thinking about brand power, longevity, and a company’s ability to transform the entire world with their products and services, it’s difficult to imagine Bitcoin being more valuable than companies like Amazon, Apple, Microsoft, or VISA. And while value is subjective and when comparing total market capitalization, Bitcoin sure has a long way to go, the leading crypto asset has still been able to bring early investors a better bang for their buck in terms of ROI – or return on investment –than any other stock market asset.

Related Reading | Investor: Bitcoin is the Best Performing Asset, Path to $100,000 is Easy To See 

In a new data visualization shared on Reddit by crypto data analytics firm Datalight, the ROI over time since August 2017 until now of Bitcoin is shown against some of the best-performing stocks on the US stock market, including Amazon, Tencent, JP Morgan, Facebook, Google, and more.

bitcoin stock market

Bitcoin steadily beats all stock market assets during much of the video, until mid-2018 when Amazon takes over, and the crypto bear market really takes hold. Bitcoin then falls off the data set entirely, showing negative returns as Bitcoin plummeted toward its bottom in December 2018 at $3,200.

But once that bottom was hit, Bitcoin rocketed back to the top of the data viz video, much like it skyrocketed out of bear market depths toward the current price around $10,000.

The price per BTC had reached $13,800 in a near non-stop rally before experiencing a strong correction that’s now going on its third month. This month, the crypto asset was rejected above $12,000, and abruptly fell to $9,500 before bouncing back to around $10,000 where it is currently trading.

Related Reading | Bitcoin Historical Monthly Performance Could Shed Light on What’s Next for Crypto

At current prices, Bitcoin is once again the king of returns across all asset types, and its gains by comparison, even against the biggest brands in the world, show the true potential and power of the first-ever cryptocurrency.

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Bakkt Physically Settled Bitcoin Futures Product to Launch in September

After a long wait, the highly anticipated Bakkt physically settled Bitcoin (BTC) futures product is almost a reality, as the company announced today that they are cleared to launch their platform and product in the coming weeks.

This news has since spread like wildfire across the crypto industry and even led Bitcoin to spike nearly 4% from roughly $10,000 to highs of $10,450.

Bakkt to Launch Long-Awaited Bitcoin Futures Product in September

In a Medium post from today, Kelly Loefler, the CEO of Bakkt, she noted that the company’s “ambitious vision” of bringing institutional infrastructure to the crypto markets will finally be realized on September 23rd, which is just over one month away.

This news came about after the platform gained approval from all necessary regulatory entities, including the Commodities and Futures Trading Commission (CFTC) and the New York State Department of Financial Services, which have greenlighted the company to be a qualified custodian for the Bitcoin that backs the physically settled futures products.

“Regulated exchanges differ from trading platforms, such as crypto spot markets in many respects, including risk management, compliance and market surveillance,” Loeffler noted while emphasizing the benefits that a fully regulated platform brings to the crypto industry.

Importantly, Loeffler also explained that all the futures products will be covered by the ICE Clear US guaranty, which will ensure that all the products are protected by a hefty insurance fund.

“The Bakkt futures contracts will also be covered by the existing guaranty fund at ICE Clear US, which has an established risk waterfall across multiple commodities markets… Importantly, we’ve designed the Bakkt Warehouse to provide regulated, secure custody of bitcoin that is protected by $125 million in insurance,” she noted.

BTC Surges Amidst News Regarding Bakkt Launch 

Immediately after news broke regarding the launch of Bakkt’s platform, Bitcoin’s price surged over 3% from lows of $10,000 to highs of over $10,400, before settling to its current price of $10,370.

Although it remains unclear as to whether or not this news will be enough to continue propelling BTC higher in the near-future, it is likely that this will bolster the upwards momentum that the crypto first incurred yesterday when it posted a strong recovery after dipping to lows of $9,500.

As the platform nears its official launch next month, it is highly probable that the hype surrounding its launch will reinvigorate the crypto markets and could provide a much needed boost investor’s sentiment.

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