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There’s been plenty of talk about the entrance of Bakkt into the market and now Nasdaq is following suit. But while just 12 months ago, speculation about bitcoin futures entering the market served to pump crypto prices, this time it’s a very different scenario. The market is crashing, naysayers are foretelling the end of crypto, and Bitcoin has lost over 80 percent of its value. So why are Bakkt and Nasdaq betting on bitcoin futures in 2019? When US-regulated CBOE and CME launched futures trading at the end of last year, many people thought it was a sign that institutional funds would flood into the crypto space. But with cash-settled bitcoin futures contracts, institutional funds have served thus far to benefit traders and exchanges. They don’t even have to invest in bitcoin to bet on its tumbling price. And the industry is rife with insider information and market manipulation. What’s Different About Bakkt? Once the ICE Markets “backed” open platform with a flagship US-based bitcoin futures exchange opens its doors, the market will surely react. Bakkt is a pretty big deal. Not only is it the brainchild of the same company that launched the NYSE, but it has the support of major names like BCG, Microsoft, and even Starbucks. As well as major VC companies like Pantera Capital. It’s already earned institutional investment in the hopes of attracting more. That it’s caught the eye of key VC firms in itself is significant as this usually paves the way for the larger firms…
Source: Why Bakkt and Nasdaq Are Betting on Bitcoin Futures in 2019
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