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Bakkt’s BTC Monthly Options record execution of first block trade

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Bakkt has come a long way since its launch on 23 September.

After stuttering initially with low trade volumes, with the exchange recording trades of only 71 BTC on the first day, Bakkt has taken major strides in the market over the past few months.

According to a press release released by Intercontinental Exchange or ICE, Bakkt’s parent company, the first block trade of Bakkt’s BTC Monthly Options that was submitted to ICE Futures U.S has been executed.

The block trade was carried out between Mike Novogratz’s Galaxy Digital Trading and XBTO, an asset management firm.

With this announcement, Bakkt has managed to stay one step ahead of its direct competitor, CME Group. However, the CME Group has its own plans to launch its option contracts early next year on 13 January 2020.

Bakkt’s BTC Monthly Options are also the first CFTC-regulated options on Futures contracts for Bitcoin, and is a development which highlights

the improving institutional involvement in the world’s largest digital asset.

Trabue Bland, President of ICE Futures U.S, stated,

“Based on our benchmark physically delivered bitcoin futures, these options contracts offer our customers a capital-efficient new tool for trading and for managing volatility, price risk, and income generation.”

Josh Lim, Head of Trading Strategy at Galaxy Digital Trading, suggested that the deployment of centrally-cleared Bitcoin options laid the path for a better institutional market, one that would be ingrained with a deeper level of liquidity.

The latest development came on the back of another instrumental announcement as last week, it was reported that Bakkt completed over 1,000 cash-settled Futures contracts in Asia following its launch on 9 December in Singapore.

Two weeks prior, Bakkt reached significant levels in terms of volume after it was reported that the exchange recorded an estimated $38.74 million in trading volume, a figure which was equivalent to almost 5,100 BTC.

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Bitcoin Cash

Bitcoin Cash Price Analysis: BCH/USD nurtures momentum above $340, all eyes focus on $400

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  • Bitcoin Cash bounces off the trendline support for the second time in one week.
  • Sideways trading is likely based on the ranging RSI.

The bulls are back in action on Sunday after wallowing in selling pressure on Saturday. The majority of the major cryptos are in the green posting gains between 1% and 10% on the day. Bitcoin Cash is dancing 4% higher on the day following a bullish correction from $339.38 (opening value). The fourth-largest cryptocurrency grew exponentially towards $400 but formed a high around $365 before adjusting to $351 (market value).

Last week, Bitcoin Cash was flipped from the fourth spot on the market by its controversial Bitcoin SV. The

latter surged massively to highs around $458 while Bitcoin Cash only managed to hit highs around $403. BSV market cap also corrected higher surpassing that of BCH. However, Bitcoin Cash has since reclaimed its position amid an ongoing Bitcoin SV sell-off.

Read more: Bitcoin SV plunges 42% from 2020 highs: Lawyer reveals Craig Wright has no private keys

At the time of writing, BCH is struggling to hold above $350 and push past the next resistance at $360. The bulls would like nothing more than to see the price back above $400. However, the sideways trending RSI suggests that rapid movements either side are unlikely in the short term. Therefore, I am more inclined to believe that BCH would hold above $350 while the upside capped at $360 in the near term until a proper technical picture develops.

BCH/USD 4-hour chart

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Bitcoin Cash (BCH/USD) forecast and analysis on January 18, 2020

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 336. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.

Bitcoin Cash (BCH/USD) forecast and analysis on January 18, 2020

As part of the Bitcoin Cash forecast, a test of level 320 is expected. Where can we expect an attempt to continue the growth of BCH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 405. The conservative area for buying Bitcoin Cash is located near the lower border of the Bollinger Bands indicator strip at 278.

Bitcoin Cash (BCH/USD) forecast and analysis on January 18, 2020

Cancellation of the option to continue the growth of the Bitcoin Cash rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of ​​270. This will indicate a change in the current trend in favor of the bearish for BCH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on January 18, 2020 implies a test level of 320. Further growth is expected to continue to the area above level 405. The conservative buying area is located near area 278. The breakdown of the growth option for cryptocurrency will be the breakdown of level 270. In this case, we should expect a further fall.

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Bitcoin Cash (BCH/USD) forecast and analysis on January 15, 2020

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 280. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator stripes.

Bitcoin Cash (BCH/USD) forecast and analysis on January 15, 2020

As part of the Bitcoin Cash forecast, a test of level 268 is expected. Where can we expect an attempt to continue the growth of BCH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 308. The conservative area for buying Bitcoin Cash is located near the lower border of the Bollinger Bands indicator strip at 258.

Bitcoin Cash (BCH/USD) forecast and analysis on January 15, 2020

Cancellation

of the option to continue the growth of the Bitcoin Cash rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of ​​240. This will indicate a change in the current trend in favor of the bearish for BCH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on January 15, 2020 implies a test level of 268. Further growth is expected to continue to the area above level 308. The conservative buying area is located near area 258. The breakdown of the growth option for cryptocurrency will be a breakdown of the level of 240. In this case, we should expect a further fall.

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