It is indeed a historic turning point for blockchain and major cryptocurrencies, as the New York Exchange (NYSE) opens its doors to Bitcoin, the world’s leading digital currency.
Historical milestone for the cryptocurrency market. Intercontinental Exchange (ICE), the operator that manages the NYSE, has opened the door to BTC: since Sept. 22, 2019, it is now possible to invest in cryptocurrency as happens for oil or gold, through BAKKT, one of the ICE platforms.
This is a significant step forward in the process of affirmation of the cryptocurrency market, which promises a new atmosphere of credibility to these instruments, helping to clear bitcoin and other digital currencies in the eyes of institutional investors.
So far, Bitcoin and other cryptocurrencies are facing a bear market. BTC/USD price is in red trading at almost $8,397 (-13.6%) with a market cap of around $150.8 billion and daily trading volume of over $29.25 billion, according to coinmarketcap data. Ethereum is also down by 14.74% and Ripple is also trading in negatives at $0.239277 (-10.75%). The overall market cap is standing at $219.051 billion.
If it is true that it is already possible to trade, buy and sell bitcoin directly on a wide range of small platforms, it is equally spot-on that none of these has the same power as the mother firm of the NYSE.
Since the end of 2017, another major exchange operator, the Chicago Mercantile Exchange ( CME), has offered investors the opportunity to trade futures in cryptocurrency. There is talk of about 7,000 contracts in circulation per 24 hours since the start of 2019 for a total value of more than $ 350 million daily, at current prices.
Compared to the case of the CME, the physical replica futures provided by BAKKT are branded by the fact that the underlying to which the contracts refer (BTC) will be physically bought on the market; therefore, BAKKT will go on to get a quantity of cryptocurrencies including BTC concerning the number of contracts that will be issued.