On this Monday, 23 September. Intercontinental exchanges debuted selling the first Bitcoin futures contracts. This event was expected to start a brand-new episode in the coin’s turbulent history and the leading coin was supposed to grow in price. But this never happened.
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As of 11 AM in New York, 38 of the futures contracts appeared on the exchange’s Bakkt platform had changed hands. Bitcoin’s price decreased by 2.4%.
The market controlled by federal institutions that are trading BTCs could engage established investors who are staying on the sidelines to start adding the digital asset to their portfolios.
Michael Sonnenshein, managing director at Grayscale Inc., commented on this situation in his Twitter:
for anyone highlighting low volume on @Bakkt's first day, I remind you of @CMEGroup's slow start followed by massive development in liquidity.
— Michael Sonnenshein (@Sonnenshein) September 23, 2019
don't overlook today -- this is an important development for the maturation of the $BTC market pic.twitter.com/MAALL0vXsX
Still, the leading cryptocurrency is the only one that gained up to 175% during this year. Also, it’s important to mention that futures contracts at CME Group Inc. in December 2017 made Bitcoin raise by 9%.