May 26, 2020

BlogCoinz

Cryptocurrency and Technology

Bakkt : A Disappointment?

Bakkt, Bakkt, Bakkt! You couldn’t go very far on crypto Twitter without seeing someone talk up how Bakkt was going to launch the next all-time high for bitcoin. Bakkt launch came and went with the price of Bitcoin dropping soon after launch.

Bakkt is a platform offering Bitcoin futures trading. In other words the hopes were to bring in more institutional money into the Bitcoin market, however, so far it seems to of had the opposite effect. The price has slid below the 10k mark and seems like it might stay there for a few days (hope im wrong).

So many times I hear about how this or that is going to launch Bitcoin prices or another price and it does not. Here are some examples of lame ducks as to remind everyone to stay vigilant.

Consensus – No price movement but many thought BTC would skyrocket.
MainNet Launches – Coins like Tron you usually hear how main net will launch the price, but does not.
Halving – Again this has had no effect on price so far. If anything the opposite effect. Litecoin halved recently and had some gain followed by a swift loss.

So remember to take news with a grain of salt as it does affect the market but not always in the way we would predict.