Bitcoin jumps $300 on news of incoming Bakkt launch

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The price of Bitcoin has jumped $300 on the news that Bakkt will launch its bitcoin futures exchange later this year.

Earlier today Decrypt reported that Bitcoin was struggling to maintain price around the $10,000 mark, rising up and dropping back down multiple times throughout today. But as soon as the Bakkt news broke, Bitcoin’s price soared from $10,100 to $10,400 in a matter of minutes.

Bakkt revealed that it has been cleared to launch on September 23 after regulators delayed the project multiple times earlier this year.

In a blog post, Bakkt CEO, Kelly Loefler, said, “Our contracts have already received the green light from the CFTC through the self-certification process and user acceptance testing has begun.”

The new platform is widely expected to be a major on-ramp for institutional money, making Bitcoin investments more accessible to hedge funds, banks and enterprise investors. Although Bakkt is still a month away from opening its doors for the first time, the news is widely considered to be bullish for Bitcoinโ€”if it actually goes ahead this time.

The move has seen Bitcoin’s market dominance climb to 69 percent as more money continues to move from altcoins into Bitcoin. Other top-tier cryptocurrencies failed to spike on the move, suggesting that Bitcoin’s grip on the market is set to continue.

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