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Testing commences at Bitcoin futures platform Bakkt

Benson Toti

Bakkt, the highly anticipated Bitcoin (BTC) futures trading platform from NYSE owner Intercontinental Exchange, yesterday announced that it had commenced user acceptance testing.

“Today kicks off user acceptance testing @ICE_Markets for the Bakkt Bitcoin Daily & Monthly Futures contracts,” Bakkt tweeted on Monday. “Testing is proceeding as planned with participants from around the world.”

While the official release date for the futures has yet to be unveiled, Bakkt believes that the eventual launch will help attract stronger institutional support for the nascent sector. The platform said last month that it had been working to solve a number of issues that currently limit the scope and scale of crypto futures markets.

Bakkt’s two Bitcoin futures offerings – a daily and a monthly contract – will be listed and traded at ICE Futures U.S. and cleared at ICE Clear US. They are physically-settled contracts, meaning that a buyer will receive actual Bitcoins when a contract expires, rather than a cash equivalent.

Bitcoin’s market performance

Meanwhile, Bitcoin has experienced significant difficulties in recent trading, with its price having struggled to stay above the key $10,000 level. On Monday afternoon, the coin dropped to as low as $10,154.92, before finishing the day at $10,343.11. While it managed to defend the $10,000 mark yesterday, the close was significantly lower than its opening level of $10,596.95.

BTC has seen several drops below the $10,000 level on Tuesday, the last one of which brought its price down to a three-day low of $9,934.74.

As of 15:52 BST, the Bitcoin price stood at $9,996.76, according to data from digital currency tracker Coinmarketcap. The digital coin has lost 3.9% of its value in the past 24 hours. Its total market capitalisation currently stands at $178.3 billion, which represents 65.2% of the combined value of all digital currencies.

Featured image: grejak /Shutterstock.com

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