THELOGICALINDIAN - The account that authoritative approval has assuredly been accepted to Bakkt has about been perceived as bullish for the industry However not all in the crypto association are assertive that it is the best affair for Bitcoin and its brethren
How Bullish Is Bakkt?
As reported bygone by NewsBTC, the Intercontinental Exchange’s (ICE) new crypto trading belvedere has assuredly been accustomed the go-ahead. A September 23 barrage date has been set afterward authoritative approval by the Commodity Futures Trading Commission (CFTC) and the New York State Department of Financial Services. It may able-bodied accessible the aperture to institutional investors and could be a behemothic footfall advanced for crypto industry legitimization in the US.
The abstraction of physically delivered bitcoin futures backed by the New York Stock Exchange may be the agitator that takes BTC to boilerplate customer markets. Not all are assertive admitting as comments on crypto twitter today reveal. Crypto analyst activity by the handle ‘CryptoChartsJoe’ has predicted a run up afore the September barrage again a big dump back it goes live:
“Regarding the #Bakkt news, apprehend the Crypto bazaar to bolt a bid, and run up hard. Then on the day that #Bakkt absolutely goes live, there’ll be a bazaar selloff!! Again, Wall Street is best for breaking hearts, and burglary souls,”
Think like a bent ??
Regarding the #Bakkt news, apprehend the Crypto bazaar to bolt a bid, and run up hard.
Then on the day that #Bakkt absolutely goes live, there'll be a bazaar selloff!! Again, Wall Street is best for breaking hearts, and burglary souls ???
— CryptoChartsJoe (@CryptoChartsJoe) August 16, 2019
Wall Street captivation in Bitcoin is rarely met with enthusiasm. The adeptness to abbreviate the asset as apparent on CME futures markets leads to bazaar abetment which charcoal a abhorrence for retail traders. Data scientist ‘CryptHawk’ echoed the affect tweeting;
“Not alike gonna animadversion annihilation about #BAKKT so it’s abortive and adds added manipulation, BS and crooks!”
Short Term BTC Price Movements
Crypto analyst has taken a attending at accessible amount implications and has alleged for a breach to the downside back Bakkt gets launched.
“I anticipate we will be blockage aural this block breadth until #Bakkt Futures Launch on September 23….
Which coincidently coincides with the end of the wedge!
I adumbrate it will breach down.”
https://twitter.com/WelsonTrader/status/1162575307678846976
When the account bankrupt BTC amount about blipped. Markets accept been inclement this anniversary and two dips into four abstracts accept been recovered but Bitcoin is still adverse able attrition area it currently trades. A move up to about $10,400 was all that it could aggregation and the baron of crypto about 12 percent on this time aftermost Saturday.
The Bakkt account has not afflicted Bitcoin prices in the abbreviate term, and while abounding are of the assessment that it is overwhelmingly bullish, not all allotment that sentiment.
