The Bakkt launch is nearing and as the latest cryptocurrency news show, it may also trigger the Bitcoin price to grow. Starting September 6, clients will be able to deposit their funds into the Bakkt Warehouse in anticipation of trading which is supposed to begin on September 23.
No one knows if this time things will be different – or how the market will react to the latest institutional product launch echo which of the CBOE futures launch in December 2017 – which resulted in a major Bitcoin price drop of 85% in the following year.
However, the new Bakkt launch comes with a key difference. The main difference between the CBOE and CME future products and Bakkt’s is that the futures contract through Bakkt is settled in Bitcoin and not cash. This will be significant and it means that clients who trade the product will receive actual Bitcoin in their accounts after the settlement – instead of dollars.
What’s also interesting is the continued development of the institutional grade products for both trading and custodianship. They should be perceived as bullish for the asset class, mostly because it allows for greater access to these markets for investors as well as increased general liquidity.
There are several key indicators that will show how the Bitcoin price is currently behaving in the run up to the Bakkt launch date. Even though the Bitcoin market is dropping in volatility over the past month, the Bakkt launch is expected to boost things around. The consolidation pattern to form with the $9,000 marker serving as immediate support and a downwards resistance which now sits at $11,000.
When the volatility drops off to this degree, it is a clear indicator that the next move will probably be a large and explosive one, the altcoin news show.
Aside from these predictions, the increasing hash rate may be another sign of confidence in the network, as many best cryptocurrency news sites showed. It can also be an indicator of the underlying health and interest in the network. Speaking of which, the Bitcoin hash rate has been steadily rising this year as new batches of miners and mining operations come online ahead of the block reward halving next May.
The Bakkt launch and the Bitcoin hash rate increase are both important factors which may drive the price up and make the Bitcoin and coming altcoin news more exciting than ever before.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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