The launch of the largest institutional Bitcoin product of the year is imminent. Can it revive the momentum on the Bitcoin markets, or it will be a great overrated Flop? We’ll find out tomorrow.
Countdown starts
With only a day of waiting, the length is expected to bring physically settled Bitcoin Futures trading platform your product on the market. The start date is on 23. September was considered by many to be optimistic for the Bitcoin course, as it will allow institutional investors to try their hand at crypto-markets.
The contracts will be paid out in BTC, but it is unlikely that investors will want to keep it, otherwise you could finally buy the asset directly. At the Moment, it is the extreme volatility that, for most institutions as a deterrent. The Bitcoin price is tied up for two months in a Range, suggesting that very little new money entering the markets.
Bakkt could change, as new money flows into the Bitcoin markets. The Economist Alex Krueger said the following:
“CME Bitcoin Futures traded in the first week of $ 460 million. The current volume is around $ 700 million. The fake Van Eck ETF traded in the first week with 0 $. How much volume Bakkt will generate, is a key size for the upcoming week. Would you expect that Bakkt fails, or successfully starts?“
The Start seems to be with the apex of the descending triangle formation on the Chart coincide, so that presumably a large price movement will follow in the next week. John McAfee remains optimistic, and adds the following:
“It is an institutionalized exchange, so I will not use this, but the institutions are not to feel a degree of confidence that they had in the past. It might speed up the crypto adoption.“
Tom Lee of the Fund, joined the evaluation and added that he has a rating of Bakkt and its ability to improve the confidence in the crypto-institutions, is very positive.
Others fear that institutions are whales to new Bitcoin, which could lead to more market manipulation, since many analysts are of the opinion that the introduction of the CME, and CBOE Futures introduced in December 2017, to a large slump in the following year, as institutions were able, for the first time Bitcoin shorten (against the price of Bitcoin betting).
Either way, the Wait is almost over, and we are eager to see how the Bakkt Launch will have an impact on the Bitcoin price.
Text evidence: bitcoinis, Martin Young