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With an appreciation of more than 100% in 2019, exceeding the price of US$ 8000,00, the bitcoin keeps on soaring. In the Brazilian stock exchanges, it already exceeds R$ 35.000,00. And it can hike even further, according to some optimistic assessments. The imminence of the halving, for example, would be influencing the process. However, another factor may be added to that growth outlook. Some believe the bitcoin´s upward trend is a reaction to the imminence of Bakkt´s start up.

Bakkt is an institutional crytocoins trading platform led by Intercontinental Exchange (ICE). It is expected that the company will be able to list the bitcoins in futures exchanges regulated by the U.S. Government. The start-up is scheduled for July. It is another major step towards the mainstream for the cryptocoins. As a result, the market believes that negotiations at Bakkt will have a greater impact on the bitcoin price on the spot market, as it interacts with the supply and demand of cryptocoins.

Regulation Compliance  

According to Cointimes, the stock exchange will list futures cash-settled in two different trading intervals: daily and monthly. The company is working together with the Commodity Futures Trading Commission of the United States to be in compliance with the country´s federal regulation and therefore, being able to work that way. The monthly contract will allow traders to negotiate in a time period of several months. Thus, the institutions will have access to a broader range of financial maneuvers-including the reduction of the market.

In late April, the Bakkt acquired the cryptocoins custody services Digital Asset Custody  Company (DACC). The company also asked the Department of Financial Services from New York to operate as a trust company in a qualified custody of digital assets.

The sharp appreciation of the bitcoin began in early April, when the cryptocoin rose from US$ 4,100 to US$ 5,100. That is to say, an increase of over 20% in just one day. Since then, the market has been developing confidence in a trend reversal and end of bear market. The price was able to keep the level of US$ 5000, until reaching a renewed sharp appreciation above US$ 6000.