The crypto industry lost in September, momentum is clearly. Binance Research claims that one of the possible reasons for this could be Bakkts Launch.
Contents
The Bakkt the Start was rather poor
23. September of 2019 began, the Bitcoin Futures contracts of Bakkt with the trade. However, what was hoped for as a groundbreaking Moment for the market, turned out to be a massive Sell-Off.
One of the promises of Bakkt is to bring institutional investors into the crypto market. For Kelly Loeffler, CEO of Bakkt, is the Start of Bakkt “a milestone for the industry”. You wrote:
If the institutions in this new facility to enter class, they will continue to look to the securing of the infrastructure and the associated Regulatory certainty. It is important that these Futures-serve contracts as Benchmarks by a trusted price discovery process were set, the investors can rely on.
On the other hand, JPMorgan argue strategists that “the Bakkt-Flop is directly related to the steep setbacks of the crypto-currency market”. Similarly, the Binance Research report believed that Bakkt is for a fall in the price of Bitcoin be responsible for:
A possible reason that explains the price decline of Bitcoin, might be the General indifference to the much-vaunted publication of Bakkt, since the BTC prices fell over $1,000 the day after the trading began… in the Short term, seems to Bakkts to have a disappointing Start, however, a contribution to the recent price drop made.
Nevertheless, the Binance Research Team remains optimistic. She believes that better days are coming for the crypto industry:
“The October 2019 promises to be an exciting month, in the many questions waiting for your answer. Will rise the Gas prices in the case of Ethereum more? Will start the telegram Open Network? Where is the Bitcoin dominance?“
Binance builds more
Binance Research has recently published its market overview report by September 2019, which highlights the disappointment of the crypto industry recorded the largest part of the month via code.
In fact, the overall rating rose in September, never more than 300 billion dollars. At the time of writing, the crypto market capitalization is under 223 billion dollars.
Nevertheless, the report stresses that the crypto industry will keep up with the development and creation of new derivatives platforms, and other crypto-financial products with traditional investment vehicles over the long term step.
On 2. September announced Binance the Acquisition of the Bitcoin-Futures – and crypto-options trading platform JEX. In addition, the CME Group confirmed in September that it would introduce at the beginning of 2020 options on Bitcoin Futures.
So there are still some of the milestones in the Pipeline to improve the infrastructure around Bitcoin and the crypto market in General more legitimacy.
Text evidence: bitcoinis, Julio Gil-Pulgar