According to experts, Bitcoin’s future was in safe hands. On Monday we saw promising news for the digital world. Bakkt went live on Monday, and unfortunately, it could not justify our expectations for the first trading day.
What’s Bakkt and how it can change the Bitcoin world?
Bakkt is a futuristic system where everyone can trade with “Bitcoin futures”. It’s like heaven spot for every Bitcoin investor. Bakkt representatives believe that BTC will be more accessible for every person around the globe with the help of a trading system.
Who has invested in Bakkt?
First of all, we should mention the Intercontinental Exchange (ICE). It’s the company that founded Bakkt trading system. The New York Stock Exchange (NYSE) is the part of ICE, so Bakkt had serious investors already.
Bitcoin investors believe that Bakkt could be number one spot for every player on the market. The fact that reliable and trustworthy companies back up Bakkt, it makes trading system more attractive.
The company delayed its launch date a few times
There was a massive interest in Bakkt. The first official launch date was in 2018, but the company could not keep up with deadlines. Reason for the delay was simple: because of enormous interest, the company could not finish all the necessary work to make perfect trading system. They had to delay the launch date a few times after the official statement, and finally, we saw the system live on Monday.
Awful start for Bakkt as results of the first day is disappointing
There is a massive demand for Bitcoin. Price high was in December of 2017 when Bitcoin reached $19,000 threshold. So, a smart platform like Bakkt could make a significant impact on the digital world.
Bakkt registered only 72 bitcoin futures trade contracts on the first day. A company that had all the hype should have first trading results like this. So, does it mean that Bitcoin lost its momentum? Well, it’s hard to answer as we have to wait a little bit more.
Bitcoin price drops with one day after Bakkt launch
Can you believe that after so much hype, Bakkt could not skyrocket the price of Bitcoin? We saw lots of trending articles and expert opinions that Bakkt was the right platform to increase the price of Bitcoin. Hard to not mention hype about Bitcoin casinos that could increase demand in society. Even we saw online casino accepting Bitcoin but price could not revert to $19,000 despite market hype.
BTC lacks regulation, and it’s no surprise. The main concern for Bitcoin investors is still the unregulated system, so Bakkt was the perfect additional platform for safe players.
Bakkt could convince Wall Street and other organizations to pay attention to Bitcoin. As mentioned above, Bakk is backed up from the New York Stock Exchange (NYSE) and Intercontinental Exchange (ICE). So, BAkkt is in safe hands, and two most prominent regulators in US market make the platform trades trustworthy. Bitcoin investors believed in a perfect launch, but we all saw different results.
Bitcoin lost the three-month safe space
BTC price was $10,000 for the last three months. Market experts believed that five-figure threshold could be secure net for Bitcoin, but after one day of launching Bakkt platform, the price dropped hard. Bitcoin ecosystem lost 30 billion dollars in just 24 hours.
Should we focus only on Bakkt’s first trading day? One day is not enough for early decisions. Bakkt still has hype, and we can see improved results in the next weeks. The only thing is clear: Bakkt makes Bitcoin futures more accessible, safe, and comfortable for traditional fund asset managers. So, it can attract more attention (people who waited for regulations) and logically, the price can skyrocket quickly.