Bakkt Launch Could be Force Behind Recent Bitcoin Drop, Claims Research Group

2019-10-2 02:00

Prior to its launch, Bakkt’s physically settled Bitcoin futures product was seen by many cryptocurrency investors as a potential major catalyst for next major BTC bull run, but its lackluster launch has come about concurrently with a bout of capitulation within the aggregated crypto markets.

One prominent research group is now noting that Bakkt may have actually been a driving force behind the recent drop in the crypto markets, as its low initial trading volume may have come as a significant disappointment to many investors.

Bitcoin Struggles to Reverse Recent Downtrend

This past week, Bitcoin plummeted to lows of $7,800 before finding a significant influx of buying volume that helped to propel its price into the mid-$8,000 region.

Although Bitcoin has been able to find support at its recent lows and is showing signs of potentially extending its newfound upwards momentum, it is important to keep in mind that the crypto is still trading down significantly from its recent highs of well over $10,000.

One technical factor that may have contributed to its recent downtrend was the large multi-month descending triangle that Bitcoin had been trading in throughout the summer months, which was a prominent bearish formation.

It is also important to note that Binance Research – the research and analytics wing of the popular crypto exchange – noted in a recent blog post that the exchange’s OTC trading desk saw heavy sell flows throughout the month of September that were more significant than those seen in previous months.

“Our OTC desk predominantly saw sell flows, even more so than in recent months… It hasn’t been long since BTC dropped to $8,000, but there weren’t many traders looking to ‘buy the dip,’” they explained.

Binance Research: Bakkt Contributed to Recent BTC Drop

The research arm of Binance also believes that the disappointment that ensued after Bakkt’s launch was a primary factor behind the recent drop.

“One possible reason, explaining Bitcoin’s price drop, could be the general indifference towards the much-hyped release of Bakkt, as BTC prices dropped over $1,000 a day or so after trading began,” they explained, further adding that this could be a “buy the news, sell the rumor phenomenon.”

The research group does note that they expect Bakkt’s trading volume to increase in the near-future, but it is likely that the platform’s near-term impact on the crypto markets will be null.

Featured image from Shutterstock.

The post Bakkt Launch Could be Force Behind Recent Bitcoin Drop, Claims Research Group appeared first on NewsBTC.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67298 (-0.34%)
Объем 24H $16.226b
Изменеия 24h: 0.07 %, 7d: 10.16 %
Cегодня L: $66856.94 - H: $67668.16
Капитализация $1325.795b Rank 1
Цена в час новости $ 8251.96 (715.54%)

bakkt launch research bitcoin group behind could

bakkt launch → Результатов: 126


Платформа Bakkt начнет принимать биткоин-депозиты со следующей недели

Криптовалютная платформа Bakkt от корпорации Intercontinental Exchange (ICE) сообщила, что уже с 6 сентября клиенты, ожидающие запуска торгов поставочными фьючерсами на биткоин, смогут вносить депозиты.

2019-8-29 19:57


Bakkt To Launch Bitcoin (BTC) Futures Very Soon, Pending Final Regulatory Approval

Bakkt, the Bitcoin futures platform created by the Intercontinental Exchange (ICE), is set to launch really soon, according to reports. The CEO of ICE, Jefferey Sprecher, has recently affirmed that the company is currently working in order to develop a regulated ecosystem that will cater to investors from all over the world. He affirmed that […]

2019-8-2 22:20


Launch of Bakkt Might be Postponed due to Regulatory Delays and current US Government Shutdown

News reaching Ethereum World News indicate that the launch of Bakkt might be postponed for a second time. According to Coindesk, the parent company of both the New York Stock Exchange and Bakkt – Intercontinental Exchange (ICE) – is yet to receive the necessary approvals from the United States Commodity Futures Trading Commission (CFTC).

2018-12-23 20:39


Фото:

Bakkt Launch Next Month May Not End Bear Market

Intercontinental Exchange’s “regulated ecosystem” for Bakkt should launch December 12, but “lingering concerns” remain, industry figures warn this week. ‘Lingering Concerns’ Over Long-Term Plans In a series of tweets, securities lawyer and regular social media commentator Jake Chervinsky summarized the gaps in public knowledge about Bakkt, which is still awaiting regulatory permission to begin operations.

2018-11-8 21:00


Regulated crypto trading platform Bakkt will launch on December 12

Bakkt, a global regulated ecosystem for digital assets, which was announced in August by Intercontinental Exchange, will officially launch on December 12, pending regulatory approval. On October 22, ICE announced that Bakkt could begin offering physically settled bitcoin futures contracts in December, marking the first cryptocurrency-related offering provided through the new platform. Bakkt will hold […]

2018-10-23 09:52


Фото:

Could Bakkt Bitcoin Futures Market Launch in December Lead to ETF Approval?

In an official statement, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), revealed that Bakkt will launch its Bitcoin futures market by December 2018. Bakkt, a global cryptocurrency platform developed by ICE to enable investors, merchants, and consumers to access, trade, and utilize digital assets in a faster, cost-effective, and […] The post Could Bakkt Bitcoin Futures Market Launch in December Lead to ETF Approval? appeared first on CryptoSlate.

2018-10-23 01:29


Bakkt Bitcoin Futures Trading Platform Officially Launches December 12, 2018

The Intercontinental Exchange has been working fervently on their cryptocurrency platform Bakkt for the better part of the year. Bakkt has been awaiting their launch date, which has officially been announced as December 12th, and it is described by ICE as “an open and regulated, global ecosystem for digital assets.” With the launch, ICE has […]

2018-10-23 00:27


Top Bitcoin and Cryptocurrency News For Today October 18th VIDEO

TRON's First Gaming dApp TRONbet Gets 10,000 Plays On Launch Day TRON's First Gaming dApp TRONbet Gets 10,000 Plays On Launch Day Whalepool Accuses Stablecoins of not Having Proper Audits; Cameron Winklevoss Fires Back Whalepool Accuses Stablecoins of not Having Proper Audits; Cameron Winklevoss Fires Back Security Firm G4S Joins Goldman Sachs and Bakkt as […]

2018-10-19 04:08


Фото:

Bakkt Is The Biggest Thing To Happen For BTC Institutional Adoption And Now The CEO Wants Us To Know More

August marked the launch of Bakkt, a new blockchain and cryptocurrency project that nurtures involvement from mainstream companies such as Microsoft and Starbucks. The essence of Bakkt is that it could inspire a great deal of institutional investment and could make things like Bitcoin ETF applications far more likely to be improved.

2018-8-21 15:00


Фото:

‘Biggest News of the Year for Bitcoin’: ICE Deal Helps ETF Chances, Says Brian Kelly

Intercontinental Exchange (ICE) teaming up with Microsoft, Starbucks and others on digital asset platform Bakkt makes it “much easier” for a Bitcoin ETF to launch. Kelly: ICE Is ‘Huge News’ That’s according to Brian Kelly, CNBC’s regular cryptocurrency commentator and BK Capital Management founder, who called the plans the “biggest news of the year” for Bitcoin.

2018-8-5 20:00


Фото:

Bitcoin (BTC) ETF Might Be Possible With the Bakkt Announcement, says CNBC’s Brian Kelly

Less than 24 hours ago, the owners of the New York Stock Exchange – Intercontinental Exchange (ICE) – announced that they would be partnering with Microsoft, BCG, Starbucks and other firms, to launch  a market and ecosystem to list physically settled Bitcoin futures contracts and for a new company to push Bitcoin and other digital assets […] The post Bitcoin (BTC) ETF Might Be Possible With the Bakkt Announcement, says CNBC’s Brian Kelly appeared first on Ethereum World News.

2018-8-4 11:38


Фото:

Starbucks Partners with NYSE Owner To Build ‘Global’ Digital Asset Platform

New York Stock Exchange operator Intercontinental Exchange (ICE) has revealed it plans to launch a global digital asset platform in November as a “scalable on-ramp” for investors. ICE To Build ‘Scalable On-Ramp’ In a press release August 3, ICE, which signaled its intention to launch physical Bitcoin futures in May, will debut them alongside the new platform, dubbed Bakkt.

2018-8-3 17:00