The Fundstrat Global Advisors co-founder and a popular Bitcoin bull is in the latest cryptocurrency news again. As the news show, Tom Lee is certain that cryptocurrency will gain trust from the incoming launch of institutional trading platform Bakkt.
Lee posted a tweet on September 19, joining the increasing number of Bitcoin figures that are bullish about Bakkt’s potential impact on the space. As he noted, the platform goes live on September 23 and will first offer physical Bitcoin futures.
— Thomas Lee (@fundstrat) September 20, 2019
The investors who have been able to deposit funds since September 6, will take delivery of payouts exclusively in Bitcoin. That said, Tom Lee is certain that Bakkt is preparing something big.
Meanwhile, the Bitcoin and altcoin news show that the markets tumbled down yesterday. However, the situation is better today and most of the cryptocurrencies have recovered. Tom Lee is certain that crypto will shift higher in the short term, all thanks to Bakkt.
“I am very positive on Bakkt and its ability to improve trust with institutions to crypto,” he wrote.
A lot of responses on his tweet generated a further theory about the current Bitcoin price weakness, which centered around Thursday’s changeover day for CME Group’s own Bitcoin futures.
The best cryptocurrency news sites showed that futures expiration and rollover dates have so far exerted pressure on the Bitcoin markets. Meanwhile, the month of September also saw a quieter entry into futures by the cryptocurrency exchange Binance.
Launching last week, the figures nonetheless revealed significant open interest of $150 million, even while Binance’s product was still trading in invite-only mode. Speaking of, the open interest in CME’s futures dropped to a 4-month low at the same time while Bitcoin’s performance failed to excite.
The good news is that while Tom Lee is certain on a comeback thanks to Bakkt, the markets are stabilizing. The total cryptocurrency market cap is now at $269 billion, whereas Bitcpon’s share is $182 billion.
Price-wise, Bitcoin is below $10,200 while Ether (ETH) is at $216 with a new 4% increase, making it the biggest winner in the top 20 coins today. Ripple lost a little and is below $0.30 while Bitcoin Cash (BCH) is trading with a 2% positive on the day.
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