Well, all eyes were glued on Bakkt exchanges futures launch and all we got a postponement. Market was declining since last month and Bitcoin tumbled very recently. People only had the hope of Bakkt futures launch in December 2018. But they also got delayed.
Now, market is facing complete turmoil as the decision came recently that Bakkt has postponed its futures launch until January 2019. NYSE founder himself recently said this in a press conference:
“Given the volume of interest in Bakkt and work required to get all of the pieces in place, we will now be targeting January 24, 2019 for our launch to ensure that our participants are ready to trade on Day 1. As is often true with product launches, there are new processes, risks and mitigants to test and re-test, and in the case of crypto, a new asset class to which these resources are being applied. So it makes sense to adjust our timeline as we work with the industry toward launch."
The whole euphoria related to Bakkt is because Bakkt will use physically backed Bitcoin for futures and this makes Bakkt Futures launch a very major event for crypto space.
Although, this postponement came as a result of various approvals waiting by NYSE from CFTC.
So, let's see how this news will affect the already affected market.
Thanks for reading .!!