Bitcoin News

Bulls start to show after ICE reveals the launch date for bitcoin futures

Bitcoin’s price started to show slight gains immediately after NYSE parent company announced the launch date for bitcoin futures. The firm through a document released on Oct 22, Intercontinental Exchange (ICE) announced the launch date on its platform Bakkt. This saw Bitcoin’s price gain 2% on the day, which shows that more is to come.

Price Analysis

Previously, Bitcoin was trading at $6,398 after dropping 0.85% from its Sunday price. However, following this announcement, the price surged to the current $6,481. However, it does not signal enough buying sentiment to break above the giant descending trend line.

The coin’s price also formed a Doji on Sunday, confirming an equilibrium between bulls and bears. To say the least, the market seems on a long-term bearish bias, so any of these overlong bias conflicts in near-term could intensify its previous selling sentiment. However, this recent positive development may see the coin’s price rally towards new levels in the near future.

ICE reveals launch date for bitcoin futures  

According to the ICE, bitcoin futures will officially launch on December 12, pending regulatory approval. The firm announced that Bakkt could begin offering physically settled bitcoin futures contracts in the same date, marking the first crypto-related offering provided through the new platform.

According to the firm,

“Each futures contract calls for delivery of one bitcoin held in the Bakkt Digital Asset Warehouse and will trade in U.S. dollar terms. One daily contract will be listed for trading each Exchange Business Day,”

Additionally, an economic report by the Federal Reserve Bank of the U.S stated that “the rapid run-up and subsequent fall in the price after the introduction of futures does not appear to be a coincidence” and “it is consistent with trading behavior that typically accompanies the introduction of futures markets for an asset.”

Do you believe a massive rally will follow the launch of bitcoin futures?

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Having contributed to many leading financial blogs, Ken's love for cryptocurrencies and the blockchain technology has him on high alert on all price developments within the cryptocurrency sphere.

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