The launch of the largest institutional Bitcoin product of the year is upon us. Can it rejuvenate the momentum in BTC markets or will it be a big overvalued flop? We will find out tomorrow.
Countdown for Bakkt Big For Bitcoin?
Bakkt's long-awaited physical Bitcoin futures trading platform is almost here. The date of its launch on September 23 was announced by many as optimistic about BTC, as it would allow institutional investors to move into the markets by buying the asset directly. At the moment, it is the extreme volatility that scares most institutions that live from stability.
The Bitcoin price has been tied to bandwidth for two months, indicating that very little new money enters the market. These are the same swing traders who buy and sell among themselves, causing the market to collapse.
Bakkt could change all that when new money enters the Bitcoin markets. The economist Alex Krüger asked the question about the trading volume and the start.
"CME Bitcoin futures traded at $ 460 million in the first week. The current volume is around $ 700 million. The Van Eck Fake ETF traded at $ 0 in its first week. How much volume Bakkt attracts is a key variable for the coming week. Would you expect Bakkt to flop or succeed?
CME Bitcoin futures traded at $ 460 million in the first week. The current volume is around $ 700 million. The Van Eck Fake ETF traded at $ 0 in the first week.
How much volume Bakkt will attract is an important variable for the coming week. Would you expect a flop or a successful launch of Bakkt?
̵1; Alex Krüger (@krugermacro) September 22, 2019
The results at the time of writing were balanced, half of the 1200 respondents expected this until the flop.
The launch seems to coincide with the climax of the large descending triangle formation on the BTC chart, so a big move is expected next week. Crypto-Lord John McAfee remains optimistic, adding that it offers a degree of trust that institutions previously had not had. It could accelerate the crypto acquisition. "
BAKKT goes online tomorrow. It is an institutionalized exchange, so I will not use it, but the institutions will feel a degree of trust that they did not have. It could speed up the introduction of Ctypto. But remember – it's the opposite of the movement of freedom.
– John McAfee (@officialmcafee) September 20, 2019
Fundstrat's Tom Lee echoed the sentiment adding that he's very positive about Bakkt and his ability to trust the institutes to improve in cryptography. Others fear that the institutions will become the new Bitcoin whales and lead to greater market manipulation. Many industry observers commented that the introduction of CME and CBOE futures in December 2017 led to the bear market the following year, as the institutions were able to sell BTC for the first time. Either way, the wait comes to an end next week when Bakkt comes off the launch pad, a big step forward for Bitcoin lies ahead of him. Add your comments below.
Pictures about Shutterstock, Twitter: @krugermacro, @officialmcafee