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Why Were Bakkt Bitcoin Futures Delayed?

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Bakkt has been a highly-anticipated project ever since it was first announced in mid-2018. It was supposed to become the largest Bitcoin futures trading platform, and many in the crypto industry hoped that the platform going live might mean the arrival of institutional investors. However, the platform’s launch was delayed time after time, and while it was supposed to go live in late 2018 — it simply did not make it.

Many were hoping that it will finally arrive in February 2019, although the US government shutdown prevented that as well. These days, the situation has finally calmed down, although Bakkt is still struggling with the launch. However, according to recent reports, the problems might lie in the platform’s inability to gain regulatory approval.

The real reason why Bakkt platform cannot go live

Bakkt’s plan is to start offering Bitcoin futures contracts, which ware basically investment contracts according to which the investor is obliged to purchase or sell a certain asset at a certain date, and at a certain price. There are multiple crypto exchanges that already deal with Bitcoin futures, although these contracts are typically settled in cash.

Bakkt’s plan would include paying them out via Bitcoin. Of course, to be able to do this, Bakkt itself needs to hold BTC. However, that would make it a type of custody service. The problem lies in the fact that Bakkt’s custody service must meet certain regulatory requirements — which it, apparently, does not.

According to the regulator, the CFTC, clearinghouses need to deposit customer assets at trust companies or banks, which is a criterion that Bakkt currently does not meet. The fact that the CFTC prevents Bakkt from going live due to this aspect alone might also mean that the US government shutdown is not the only reason why Bakkt launch did not happen in February.

What to expect next?

Considering the problem, it appears that Bakkt has decided to attempt and obtain the necessary permission from New York state regulators. Getting this permission would mean that Bakkt can self-certify without actually acting as a trust company or a bank. However, historically, obtaining a Bitcoin license in the state of New York is neither easy nor quick, which might mean that Bakkt will not see the official launch of its platform for quite some time.

Even so, the project is still allegedly moving forward, at least according to its CEO, Kelly Loeffler, who recently stated that ‘the race day is approaching.’ In addition, the Intercontinental Exchange, which is the parent firm to Bakkt, recently expanded its crypto data feed. This led some investors to believe that Bakkt’s launch might not be that far away after all.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

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Cryptocurrency Fraud is Evolving
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In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

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IE Option – 91% Profit on BTC Fluctuations in Every 60s

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On Thursday, Bitcoin price broke below $6,700 and hit the weekly low to $6,480. Then, it rebounded back above $7,000 again with an increasing rate of 5%. At press time, based on the incomplete statistics, more than $720 million worth cryptocurrency futures contracts have been liquidated in this week. During the strong market fluctuation, investors are learning a hard lesson about the downside of cryptocurrency futures trading with leverage. 

Since we know that we cannot make money by investing in BTC spot trade during the bear market, and we notice the high risks of liquidation by trading leveraged bitcoin futures contracts, how can we hedge the loss in spot trade and profit from the BTC market volatility? 

BTC Option is a profitable trading product that you can turn to!

What is Option?

Option is a type of crypto derivative contract which enables investors to make speculative bet on price rising and falling. Call option means that trader long BTC at a given strike price, while Put option allows trader to short BTC at a given strike price. 

For example, if you predict that BTC price may surge, you can buy a call option. Suppose that you buy a call option at $7,000. As long as price exceeds $7,000, you can make profit. 

IE Option – Get…

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Bitcoin

4 things you should know about bitcoin casinos

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Bitcoin casinos
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Bitcoin Casinos are the ideas of innovation, firmly moving towards the goal of disrupting the whole Gambling Industry. Best Bitcoin Casinos are the true trailblazers of the new era of gambling. Their creators quickly recognized all the immense potential that blockchain and cryptocurrencies contained within themselves. Most of the top Crypto Casinos started operating in the first half of the past decade and are quickly moving towards being the dominant force, when it comes to online gambling. There are a couple of key characteristics and advantages that elevate BTC Casinos above the rest of the competition on the market.  

Trusted casinos have fast withdrawals

Only the Best Bitcoin Casinos offer players the benefits that come with using cryptocurrencies as the main source of finance. One of the biggest advantages that BTC Casinos have over the rest of the competition is speed. When using cryptocurrencies, players can deposit and most importantly withdraw their money with blistering speeds. Thanks to blockchain technology, all the financial transactions are completed within the minutes of request. Alternatively, standard online casinos operating under the guidance of classical banking intuitions, need several days to complete the same procedures.

In BTC Casinos anonymity matters 

Another amazing benefit of Bitcoin Casinos is the ability to stay completely anonymous during the transactions and gameplay. Thanks to the…

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