The Bitcoin price (BTC/USD) has edged lower, as an announcement revealing more details about an upcoming BTC futures launch has failed to make significant impact on the market.
The flagship cryptocurrency had a rocky morning session on Monday, with its price wobbling around the $6,500 mark. The digital currency saw more significant price action in the afternoon, surging to an intraday high of $6,543.80.
The increase was likely prompted by an announcement from The Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), saying that the company’s new trading platform Bakkt would launch on December 12, pending regulatory approval. The announcement came about month after it was confirmed that Bakkt’s first product would be physical Bitcoin futures.
“Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account,” ICE said in a tweet on September 25.
Yesterday’s statement provided more details about the product: “Each futures contract calls for delivery of one bitcoin held in the Bakkt Digital Asset Warehouse, and will trade in U.S. dollar terms. One daily contract will be listed for trading each Exchange Business Day,” it said.
The December 12 date means that the launch plan has been pushed back, as previous announcements indicated that ICE expected for the service to be up and running in November. The delay may have limited the news’ impact on the market, as the Bitcoin price pulled back shortly after reaching its intraday high. The digital coin eventually finished the session at $6,487.16, slightly up from its opening level of $6,486.05.
Bitcoin has had a relatively quiet session so far on Tuesday, with its price hovering below the $6,50 mark. As of 09:42 BST, the Bitcoin price stood at $6,481.33, down 0.1% from the same time yesterday.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.