The launch of the largest institutional bitcoin product of the year is finally coming but the question remains: Will Bakkt manage to boost the price of the number one cryptocurrency further or will it fail to do so, so let’s find out more in the coming altcoin news below.
The long-awaited Bakkt launch for the bitcoin futures trading platform is almost here. The launch date is tomorrow on September 23 has been heralded by many traders and users as bullish for BTC as it will enable the institutional investors to dabble in the markets. The contracts will be paid out in BTC and it is unlikely that the investors will be buying the asset directly. At the moment it is the extreme volatility that is off-putting for many of the traders and most of the institutional investors which focus mostly on stability. The bitcoin price has been range-bound for the past two months which shows that there is very little new money that is entering the markets and this is the same with the traders which are buying and selling between themselves that cause the market to go down in flames.
Bakkt could change all this if a lot of new money starts to enter the bitcoin markets. The Economist Alex Kruger asked the question about the volume that is traded and how will the launch go. He stated:
“CME bitcoin futures traded $460 million on its first week. Current volume is around $700 million. The Van Eck fake ETF traded $0 on its first week. How much volume will Bakkt attract is a key variable for the week ahead. Would you expect Bakkt to flop or to launch successfully?”
The launch appears to coincide with the apex of the descending triangle formation on the BTC price chart so we could expect for a big move to follow next week. The controversial crypto analyst John McAfee remains bullish still adding that it provides a level of trust that the institutions didn’t have before:
“It is an institutionalized exchange so I won’t be using it, but institutions will feel a level of trust that they had not had. It could jump-start crypto adoption.”
Tom Lee also made some remarks and added that he is very positive on Bakkt and the ability to improve the trust with the institutions to crypto. Either way, the question remains unanswered for the latest cryptocurrency news: Will Bakkt manage to help the price of BTC to increase or not?
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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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