Bakkt has been hailed as the leading catalyst for the bitcoin market this year, while visions of institutional capital danced in the crypto community’s collective heads. Today the bitcoin futures exchange made one giant leap toward its official launch by opening up Bakkt Warehouse Custody, which is the arm of the business that will keep big investors’ funds safe while they trade.
Bitcoin futures trading doesn’t commence until Sept. 23, but the warehouse custody feature is designed to familiarize big investors with the process, Bloomberg reports. Instead of celebrating and treating Bakkt like the catalyst it’s supposed to be, however, the bitcoin price is down roughly 2% in the last 24 hours. So what gives? Let’s just say Bakkt picked a tough day to begin securing assets, but it’s still been on bitcoin’s highlight reel in 2019.