Bakkt Platform Launched: Trades 71 Bitcoin Futures Contracts in 24 Hours

Intercontinental Exchange’s (ICE) Bakkt platform traded 71 Bitcoin (BTC) futures contracts in its first 24 hours following its launch on Sept. 22.

ICE’s historical data on Bakkt’s Bitcoin/USD futures contract trading reveals that the platform traded 71 BTC at press time, with the last trading price recorded at $9,875 per Bitcoin.

According to his recent analysis, Rakesh Upadhyay believes that as the currency’s price has been range-bound, institutional traders are currently not in a hurry to initiate positions which has resulted in the Bakkt launches lukewarm reception.

Bakkt’s Initial margin limits

Prior to the platform’s launch, ICE announced their tentative margin requirements for the futures contracts. Bakkt set the initial hedge requirement for daily and monthly futures contracts at $3,900, while the speculative initial requirement for both contracts is $4,290. The margins for inter-month add-ons on monthly and daily futures contracts are between $400 and$1000 for the hedge rate and $440 and $1,100 for the speculative rate.  

Mission behind Bakkt

The BTC futures trading platform was announced last year and is now the first of its kind to receive approval from United States regulators. Bakkt was established by the ICE with the intention of creating an integrated platform or “seamless global network, that enables consumers, merchants and institutional clients to buy, sell, store and spend digital assets.

Bakkt CEO, Kelly Loeffler said that the platform is a reflection of Bakkt’s mission of, “Expanding access to the global economy by building trust in and unlocking the value of digital assets.” The creation of the platform provides both consumers and investors with ‘reliable and regulated infrastructure’ while continuing the push for the mainstream “adoption of new digital currency-powered technology and financial instruments.”

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