Bitcoin physical futures on Bakkt to Boost Bitcoin: BTC/USD zooms past $6,400
|- The ICE handles operations of 6 clearing houses and 12 stock exchanges.
- The 38.2% Fib level is holding the price at $6,430 while the general trend is slightly bullish.
The battle to acquire the first Bitcoin exchange-traded fund (ETF) is far from over. In fact, experts in the industry say that it could take a while before one is approved by the US Securities and Exchange Commission (SEC). However, the situation is different when it comes to Bitcoin futures. The International Exchange (ICE) has recently announced that physical Bitcoin futures will be made available on December 12. The contracts will be live on the bodies first cryptocurrency exchange, Bakkt. The ICE handles operations of 6 clearing houses and 12 stock exchanges.
The exchange body said that the physical Bitcoin futures are going to be stored at the ICE Digital Asset Warehouse. Investors will be able to by physical futures and the transaction settled on the same day by 5 pm Eastern United States time. The same will be sent to the accounts of the respective investors at the official custody, Digital Asset Warehouse. This arrangement will provide investors with an opportunity to buy and use BTC, at the same time, the entire process will be regulated. The physical futures will also be available on all stock exchanges.
Bitcoin (BTC) price analysis
After taking a trip below $6,400 earlier this week, Bitcoin found balance around $6,370 (swing low). The market is saying bye to the consolidation and buyers are ready to take advantage and gain ground against. There has been a pullback above $6,400 on Wednesday where BTC/USD corrected higher testing the resistance at $6,460. The momentum has died down as Bitcoin retreats towards $6,400. For now, the 38.2% Fib level is holding the price at $6,430 while the general trend is slightly bullish. The bullish trendline will offer support above $6,400 but both the 100SMA and the 200SMA will stop declines around the same level as well.
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