Though Bitcoin’s (BTC) price action has largely been lackluster in the past few days, it could change with the launch of Bakkt. Fundstrat Global Advisors co-founder Tom Lee is positive on “Bakkt and its ability to improve trust with institutions to crypto.” The crypto markets have been waiting for institutional interest to fuel the next leg of the up-move and Bakkt is an important step in that direction.
To maintain its advantage, the Chicago Mercantile Exchange (CME) Group plans to introduce options on Bitcoin futures in the first quarter of 2020, if it gets the necessary regulatory approvals. Tim McCourt — CME Group (NASDAQ:CME) Global Head of Equity Index and Alternative Investment Products — said that the group plans to add new products to meet the increasing client demand as the feature will provide them “additional flexibility to trade and hedge their bitcoin price risk."