Bad news for the crypto markets has emerged following a notice released by the Intercontinental Exchange (ICE) the U.S, today Nov 20.
The securities and commodities exchange company (whose parent company is the NYSE) says it will delay the launch date of the Bitcoin Futures offered by crypto custody firm Bakkt, while trading of the contract could begin on January 24, 2019. This is an adjustment to an earlier date announced by ICE – December 12, 2018.
However, just as the former, the new launch date is still subject to regulatory approval. The public notice confirms that “the new listing timeframe will provide additional time for the customer and clearing member onboarding before the start of trading and warehousing of the new contract.”
In the midst of the crypto bears market, the news adds fuel to the crypto fire. Up until now, the crypto community has patiently waited patiently to for the Bakkt’s December launch date.
As Cryptopotato reported after the first launch date was announced, Ironwood research group (IRG) analyst Mike Strutten, remarked that a physically backed Bitcoin future is a very “bullish sign for the markets.”
Typically, a physical Bitcoin futures contract means that a customers Bitcoin is delivered on a specific date, whereas most futures offering are usually settled with cash.
Additionally, such a contract will likely have the seal of the Commodities and Futures Trading Commission (CFTC). This will make the contract a viable option for Institutional Investors who have stayed away from Bitcoin because of regulatory concerns.
Bakkt’s futures might bring new money into the crypto markets, and the news may be just enough to spark new life into the current bearish crypto market.