Crypto Community Reacts to Bakkt But Not all Are Bullish

The news that regulatory approval has finally been granted to Bakkt has generally been perceived as bullish for the industry. However, not all in the crypto community are convinced that it is the best thing for Bitcoin and its brethren.

How Bullish Is Bakkt?

As reported yesterday by NewsBTC, the Intercontinental Exchanges (ICE) new crypto trading platform has finally been given the go-ahead. A September 23 launch date has been set following regulatory approval by the Commodity Futures Trading Commission (CFTC) and the New York State Department of Financial Services. It may well open the door to institutional investors and could be a giant step forward for crypto industry legitimization in the US.

The concept of physically delivered bitcoin futures backed by the New York Stock Exchange may be the catalyst that takes BTC to mainstream consumer markets. Not all are convinced though as comments on crypto twitter today reveal. Crypto analyst going by the handle CryptoChartsJoe has predicted a run up before the September launch then a big dump when it goes live:

Regarding the #Bakkt news, expect the Crypto market to catch a bid, and run up hard. Then on the day that #Bakkt actually goes live, therell be a market selloff!! Again, Wall Street is best for breaking hearts, and stealing souls,

Wall Street involvement in Bitcoin is rarely met with enthusiasm. The ability to short the asset as seen on CME futures markets leads to market manipulation which remains a fear for retail traders. Data scientist CryptHawk echoed the sentiment tweeting;

Not even gonna comment anything about #BAKKT so its useless and adds more manipulation, BS and crooks!

Short Term BTC Price Movements

Crypto analyst has taken a look at possible price implications and has called for a break to the downside when Bakkt gets launched.

I think we will be staying within this wedge area until #Bakkt Futures Launch on September 23. Which coincidently coincides with the end of the wedge! I predict it will break down.

When the news broke BTC price barely blipped. Markets have been choppy this week and two dips into four figures have been recovered but Bitcoin is still facing strong resistance where it currently trades. A move up to around $10,400 was all that it could muster and the king of crypto almost 12 percent on this time last Saturday.

The Bakkt news has not affected Bitcoin prices in the short term, and while many are of the opinion that it is overwhelmingly bullish, not all share that sentiment.


Image from Shutterstock

The post Crypto Community Reacts to Bakkt But Not all Are Bullish appeared first on NewsBTC.

17.08.2019 / 03:20 22
Heres Why Bakkt Launch Is a Blessing For Bitcoin Holders Heres Why Bakkt Launch Is a Blessing
Yesterdays big announcement that regulatory approval has been granted to Bakkt could be the best news bitcoin investors have had this year. It opens
Bakkt Wins Regulatory Approval to Launch Bitcoin Futures Bakkt Wins Regulatory Approval to
Bakkt has won approval from US regulators to trade physically-settled bitcoin futures, a move many believe would legitimize the cryptocurrency
Bakkt Physically Settled Bitcoin Futures Product to Launch in September Bakkt Physically Settled Bitcoin
After a long wait, the highly anticipated Bakkt physically settled Bitcoin (BTC) futures product is almost a reality, as the company announced today
Bakkt Begins Bitcoin Futures User Testing On Schedule Bakkt Begins Bitcoin Futures User
Bakkt yesterday announced the start of user acceptance testing for its Bitcoin daily and monthly futures contracts. Testing is proceeding as planned
Bakkt Announces Details of Bitcoin Futures Contracts Bakkt Announces Details of Bitcoin
The much anticipated Bakkt platform by the Intercontinental Exchange has today announced further details about its Bitcoin Futures product that was
Launch of Bakkt Might be Postponed due to Regulatory Delays and current US Government Shutdown Launch of Bakkt Might be Postponed due
News reaching Ethereum World News indicate that the launch of Bakkt might be postponed for a second time. According to Coindesk, the parent company
Comments (0)
Add a comment
Comment on