Bakkt starts testing Bitcoin futures, Justin Sun delays Warren Buffett lunch and Bitcoin dips below 10.000 USD
Here is your daily overview of interesting, important and market moving crypto news
Bakkt starts testing Bitcoin futures
Bakkt, the Bitcoin futures platform from the Intercontinental Exchange (ICE) has begun testing the delivery of BTC futures on July 22nd.
The introduction of Bitcoin futures is expected to usher in more institutional participation in the cryptocurrency markets.
Bakkt’s Bitcoin futres are physically delivered via a process called ‘warehousing’. Which makes Bakkt’s futures different compared to for example CME’s and Cboe’s that launched earlier and are cash-settled. When Bakkt’s futures contract expires the trader will receive the actual underlying commodity, in this case Bitcoin. Earlier ‘cash-settled’ contracts paid out traders in cash.
Meltem Demirors, a Bitcoin enthusiast who gained fame during last week’s Libra hearings in the U.S., points out how this could change the Bitcoin market:
Justin Sun delays Warren Buffett lunch
Justin Sun, the CEO of Tron, won a charity auction to have lunch with Warren Buffet in an auction late June. Warren Buffet has always been very strongly opposed to cryptocurrencies, and in February even stated that Bitcoin is a delusion.
Justin is currently out of commission due to kidney stones and the lunch has been pushed back to an unspecified date.
Jeremy Allaire, the CEO of Circle, already accepted Sun’s invitation to join the lunch. The creator of Litecoin, Charlie Lee, will reportedly also join.
Bitcoin dips below 10.000 USD
Bitcoin dipped below 10.000 USD for a short period this morning. The leading cryptocurrency intitated a strong recovery on July 17th from around 9.200 USD back to levels above 10.000 USD, but has failed to breach the upwards resistance for now.
The price is currently hovering around 10.000 USD
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