Crypto investors have been hit hard by significant losses over the last week. But people held on knowing that Bakkt was to be launching their Bitcoin futures contract. However, today Intercontinental Exchange, the owner of the New York Stock Exchange has announced that it’s launch will be delayed until at least Jan 24, 2019.
Bakkt’s product is intended to provide US investors with their first opportunity to trade a physically-settled crypto futures product on a respected, regulated mainstream exchange (The bitcoin futures on CME and CBOE are cash-settled, meaning that no bitcoins actually exchange hands when the contracts expire).
ICE has stated that the delay will give the first additional time to onboard customers before it begins warehousing its BTC and opens the doors to its futures market.
From the announcement:
“ICE Futures U.S., Inc. will list the new Bakkt Bitcoin (USD) Daily Futures Contract for trading on trade date Thursday, January 24, 2019, subject to regulatory approval. The new listing timeframe will provide additional time for customer and clearing member onboarding prior to the start of trading and warehousing of the new contract.”
Many analysts had predicted that Bakkts launch would herald the start of a new bull market and a Christmas rally. This now seems unlikely.