The Intercontinental Exchange (ICE) which is the parent company of the New York Stock Exchange (NYSE) is in the crypto news today for its probable delay in launching the Bakkt Bitcoin futures market and custody platform. The launch was once delayed this month and January 24th was set as the official launch date.
However, ICE has yet to receive the necessary approval from the US Commodity Futures Trading Commission (CFTC) and at the current pace at which it is moving, it is very unlikely that approvals will be secured in time to hit this target.
Furthermore, the CFTC must grant an exemption for Bakkt’s plan to custody Bitcoin on behalf of its clients in its own “warehouse” as sources familiar with regulatory discussions of the plan shared. Instead, the CFTC regulations normally require that customer funds are held by a bank, trust company or futures commission merchant (FCM).
This would be the second postponement. ICE already aimed to launch Bakkt in December but delayed the launch for the end of January, mostly because of the “volume of interest” in the company and the “work required to get everything in place.” Unlike the Bitcoin futures offered by CME Group and CBOE, Bakkt’s will be physically settled which translate to actual Bitcoin changing hands rather than cash when the contracts expire.
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Brokerage Giant TP ICAP Opens Its Doors To Bitcoin Trading
“We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market.”The brokerage giant TP ICAP hopes that the new bitcoin trading option will attract the new clients’ money and will diversify its offering. The company which operates as an intermediary to financial, commodity and energy markets has seen a slight slump in revenue since the 2008 meltdown. Brokerage companies like ICAP mainly make trades for its banking partners but the volumes show that the company was forced to issue a profit warning in 2018. The initiative will be conducted from London by Duncan Trenholme and Simon Forster who have plans to expand in the United States and in Asia. The ICAP services will provide derivatives trading but they won’t turn their eyes from the option to hold digital assets directly in the future. Forster admitted that the number one cryptocurrency poses a threat to traditional assets so the finance executives can’t really afford to stand on the sidelines:
“TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”The traditional finance firms are slowly getting into crypto as well. At the start of the year, Fidelity launched bitcoin custody services for their clients. The multi-million asset management company will also facilitate bitcoin trading in the upcoming months. Also as noted in some of the best cryptocurrency news sites, the Intercontinental Exchange (ICE), which is the parent company of the New York Stock Exchange is preparing to launch Bakkt which is a physically-settled bitcoin futures and custody offering. In the meantime, Nasdaq will launch its own platform for bitcoin derivatives in 2019.
Bitcoin Ignores Correction Calls: Where Is BTC Headed?
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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