With the way the cryptocurrency market is moving, Bitcoin has the potential to touch the $8,000 level or go beyond it today.
At the time of writing, BTC is changing hands at $7,807 with 13% price increase. BTC dominance is staying at 59.9%, a great mark indicating the potential of the digital asset. The same thing is happening to Ripple’s XRP, Ethereum, BCH and Litecoin with 5%, 9%, 14% and 7% growth respectively in the last 24 hours. The four digital asset are displaying great performances in company of their contemporaries.
The $140 Billion market cap of Bitcoin is an attestation to the possibility of $1 trillion market cap of the entire crypto ecosystem in the nearest future.
Three solid announcements are definitely behind the sudden BTC price increase which pushed it to reach an all-time highest value since November 2018.
Bakkt Announces Launch of BTC Futures Contracts
The First thing that contributed to the increasing price of Bitcoin today is the announcement that Bakkt will be launching the much awaited bitcoin futures contracts. Interestingly, the contracts will be complaint to federal regulations, meaning it will be listed on a regulated futures exchange.
As reflected in the announcement, Bakkt is partnering with Intercontinental Exchange (ICE), a parent firm standing as its clearing partner and exchange.
As it is now, Bakkt is testing the acceptance of the futures contracts and custody, and that is expected to begin in July, the CEO of the firm Kelly Loeffler wrote in a blog update.
Also, $35 million is to be committed on the BTC futures contracts for concealment of any possible risk encountered by the trading members once it is launched.
Bakkt, which recently acquired custodian company DACC, is rushing to get an approval from the U.S. Commodity Futures Trading Commission (CFTC) for its exchange.
Microsoft Builds on Bitcoin Blockchain
Microsoft has announced it is launching a decentralised identity platform on Bitcoin blockchain. The announcement, which comes on the heels of Bakkt Bitcoin Futures Contracts launch, reflects that Microsoft is at present working on a project called Ion.
The project centers on developing protocols that permit communications among different networks. Observers are saying the involvement of Microsoft could impact the entire blockchain industry.
Second Largest Stock Exchange in Germany Supports XRP LTC ETN Trading
Boerse Stuttgart, the second largest stock exchange in Germany has announced it is adding support for Ripple’s XRP, Litecoin and exchange-traded notes (ETN). The firm says it will be tracking the price in euro and Swedish krona.
Before this announcement, the exchange had created storage support for Bitcoin, Ethereum, Ripple’s XRP and Litecoin.
The ETN are offered by the XBT Provider in Sweden, the company that issues BTC, ETH, LTC and XRP Exchange Traded Products.
The products offered by the company are listed on the Nordic Growth Market in Stockholm and also on Nasdaq.
Above pieces of information are among the tangible drivers of today’s cryptocurrency price rally, and the movement of Bitcoin towards $8,000.