Bitcoin Sheds $10,000 Support Again Ahead of Bakkt Launch

Ahead of the launch of Bakkt’s Bitcoin (BTC) futures, bears have continued to assert control over the cryptocurrency market. Ouch.
As of the time of writing this, the Bitcoin price has fallen to $9,900, leaving the cryptocurrency below the key $10,000 support for the umpteenth time in a matter of a few weeks.

This may be a precursor to a larger move that will take place in the coming days, as this nascent market has exhibited uncharacteristic non-volatility over recent trading sessions.
Related Reading: Bitcoin Investor: We’ll Never See $10K Again After Next Cycle Low
Bitcoin Looking Weak
According to a number of analysts, Bitcoin looks poised to drop further. As prominent trader Scott “The Wolf of All Streets” recently pointed out, BTC’s four-hour chart looks absolutely horrendous, sporting over seven red candles in a row, each of which have massive wicks on the downside, implying downward pressure.

My parting gift before I exit on this Saturday night – a ridiculous 4 hour chart, where every single candle has a down wick. $BTC pic.twitter.com/EG6GpFDbrV
— The Wolf Of All Streets (@scottmelker) September 22, 2019

That’s not all. Chonis noted that Bitcoin’s daily chart has just exhibited an array of bearish technical indicators: a 50-day moving average and 100-day moving average bear cross, a bearish expansion between two short-term moving averages, and a potential loss of the lower Bollinger Band.
To make things worse, Bitcoin is currently in the midst of a giant bear fractal.

#BTC $BTC #BTCUSDI know some of you won't gonna like this one, let me say first that I'm still bullish on #Bitcoin, but this doesn't mean I can't post a bearisch chart.
Just something to keep in mind. pic.twitter.com/FlJOHPCzdK
— 𝓥𝓮𝓵𝓿𝓮𝓽 (@888Velvet) September 20, 2019

Per previous reports from NewsBTC, an analyst depicted that BTC lost the support of the upward trendline of a long-term head and shoulders pattern, exactly like it did in 2018.
History repeating would see Bitcoin approach the quickly-receding trendline, which currently sits around $11,000, before being rejected. Should this rejection occur, Bitcoin could take a strong tumble, potentially to reenter the $8,000 region and below.
Have No Fear, Bakkt is Here
While the charts may be seen as harrowing, it is important to note that the fundamental backdrop is entirely different for Bitcoin compared to then and now. Not only is the macroeconomic stage favoring alternative assets like Bitcoin but an institutional investment catalyst is right on the horizon.
On Monday, Bakkt will be launching its physically-deliverable Bitcoin (BTC) futures contracts. In a recent tweet, Fundstrat Global Advisors’s Tom Lee said that he is “positive on Bakkt” and the exchange’s ability to “improve trust with institutions to crypto”.
Related Reading: Model: Bitcoin (BTC) Price to Surge 100% to $20,000 by May
Indeed, with the backing of one of the most prominent and important financial institutions and legendary corporations (Microsoft, Starbucks, etc.), Bakkt is likely to draw in firms previously hesitant to down the cryptocurrency-flavored red pill.
Whether or not Bakkt will be able to help Bitcoin violate the fractal or cast aside the bearish technicals isn’t clear. But, it should, at the very least, lead to the long-term growth of this market.
Featured Image from Shutterstock
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Will Bakkt Cause Cryptocurrency Markets to Explode? PrimeXBT Research

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Will Bakkt Cause Cryptocurrency Markets to Explode? PrimeXBT Research
New research from PrimeXBT shows the potential impact that Bakkt will have on the crypto market and if it can help cause Bitcoin to reach the price projections that the crypto community hopes for.
Will Bakkt Cause Cryptocurrency Markets to Explode? PrimeXBT Research

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Source: CoinSpeaker

Fundstrat’s Thomas Lee “Very Positive” About Bakkt’s Impact; 3 Days to Launch!

The popular “game-changer” project which proposes physically delivered bitcoin futures, Bakkt, launches later in September. While Fundstrat CEO Thomas Lee has shared that he is “very positive” about the Bakkt launch because of the impact it will have on institutional investment, the crypto Twitter community is busy speculating how it will affect the price of bitcoin. 
Bakkt Will Help Build Institutions’ Trust in Crypto
Renowned American businessperson, financier and investor and who is known for being one of the early pioneers in private equity, Thomas Lee, took to Twitter to weigh in on the impact of Bakkt on institutional investment. Thomas Lee says,

I am very positive on @Bakkt and it’s ability to improve trust with institutions to crypto https://t.co/7icnJp76GE
— Thomas Lee (@fundstrat) September 20, 2019

He shared this opinion in support of a tweet made by another user, Mia Tam, who believes that Bakkt’s launch in the next few days will have a bullish impact on Bitcoin.

Bakkt in 4 days 👀
Now it all makes sense 🚀#Bitcoin $BTC pic.twitter.com/gwcAfN3nLl
— Mia Tam (@_blockandchain_) September 19, 2019

Crypto Community on the Bakkt Launch
Other twitter community members are reacting to the Bakkt’s launch in a number of ways. Many believe it may initiate a short bearish season in which bitcoin price may eventually fall considerably due to massive manipulation.
According to a twitter user,

Source: Twitter
However, a few others have given contradicting opinions clearly expressing the advantages of Bakkt’s launch to the crypto community.
Source: Twitter
Intercontinental Exchange (ICE), the creator of New York Stock Exchange (NYSE) announced the launch of Bakkt, a bitcoin futures exchange and digital assets platform. The launch which is scheduled for September 23, is expected to bring tangible institutional investment into the crypto space.
This initiative, in its entirety, is quite interesting, as it represents competition for existing cryptocurrency trading infrastructure – Bakkt is simultaneously competing in the futures space (against CME in particular), and against spot crypto exchanges. It is likely that Bakkt will not just be a game-changer for the crypto market, but the entire investment space as it will help Bitcoin-based products gain a position among mainstream investment offerings.
The post Fundstrat’s Thomas Lee “Very Positive” About Bakkt’s Impact; 3 Days to Launch! appeared first on Coingape.
Source: CoinGape

Bitcoin Price Back Above $10k, Targets New ATH Amid Bakkt Monday Launch

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Bitcoin Price Back Above $10k, Targets New ATH Amid Bakkt Monday Launch
Bitcoin price has climbed back above $10,000, just days before Bakkt officially launches. Could back be the long-awaited Bitcoin savior? Will we see another all-time high before 2019 is over?
Bitcoin Price Back Above $10k, Targets New ATH Amid Bakkt Monday Launch

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Source: CoinSpeaker

U.S. Congress to Discuss Cryptocurrency With SEC Right After Bakkt is Launched

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U.S. Congress to Discuss Cryptocurrency With SEC Right After Bakkt is Launched
With a sense of urgency, the US Congress has set Sept. 24 as a day to thrash out issues relating to cryptocurrency together with the leadership of the SEC, which comes just a day after Bakkt launch.
U.S. Congress to Discuss Cryptocurrency With SEC Right After Bakkt is Launched

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Source: CoinSpeaker

CME Futures at a 4-Month Low & BTC Below $10K as Alts Remain Steady

Chicago Mercantile Exchange (CME) futures is said to have recorded a 4-month low amid crashing BTC price. Altcoins, on the other hand, have been rising steadily. Today, despite a bearish market, they were not affected as drastically as the top cryptocurrency. Is this an indication of the rise of altcoins?
Trading Volume of CME Futures Falls to a 4-Month Low
According to charts which show the relationship between CME’s open interest and daily volumes, there has been a significant fall in open interest from $384 million to the current value of $218 and daily volume has reduced from its maximum value of $1.726 billion to its current value at $86 million.
The news comes following the most recent Bitcoin’s price fall which began about 48 hours ago in which bitcoin had slumped below the long-held $10k support level. Also, about a week ago, perhaps in their bid to maintain trading volume, CME was reported to have opened the gates for traders to enable them to hold a higher number of open BTC contracts as they doubled their BTC futures contracts limits.
CME Daily Volume | Source: skew
Bitcoin Dips Below $10k
Bitcoin began the week on a bearish note. The top cryptocurrency had fallen steeply from its previous price of $10,351 on Sunday morning to its current price of $9,897 in the early hours of today. This represents a 4.5% fall. Though the percentage of the dip is relatively small given the kind of volatility the crypto market has seen earlier, bitcoin slipping below the $10k support level alongside a bull run seen in alts within the same period of time raises several questions.
Has the Alt Season Arrived?
As bitcoin loses market dominance from 70.5% since September 3rd  to 67.5% as of the present, Ethereum, which now trades well above $200 has increased in market dominance to about 9%. Many other alts, alongside Ethereum, rose steadily. Ripple gained almost 10% which saw the price crossed the critical $0.3 dollar resistance while Stellar (XLM) has gained more than 50% in the last 3 days. Many top cryptocurrencies recorded gains which make analysts believe that we have now officially entered the long-awaited alt season! Despite this, alts are beginning to record loses.
According to Crypto Welson on twitter,

$ETH and many other altcoins have dipped slightly after being at resistance. Luckily support is very strong, so I don't think it will be dropping too much. 🤑 pic.twitter.com/HqyTv2ANJm
— Crypto Welson 📊 (@CryptoWelson) September 19, 2019

Many other analysts seem to support the notion that alts are reaching for the moon which this new price breakout. Though there has been a bearish mood today, they believe this is still very much healthy.

Most $ALTS are only down 3% from 15% moves & this was a very logical drop.
Take $ETH for example, double rejection at 200EMA (orange). Expecting the huge confluence of EMAs (10, 21, & 50) to hold as support at green box. pic.twitter.com/ULaPy48CDZ
— Everett Otsukimi (@OtsukimiCrypto) September 19, 2019

What Has Brought About the Bitcoin Price Crash?
On the other hand, while the enthusiasm existing as a result of Bakkt’s expected launch is still high, many believe that large BTC holders, more commonly known as whales, might be manipulating the market in preparation of the much anticipated Bakkt launch. According to an opinion on Twitter,

Well well well. #BTC is heading to decision point. It is all messed by #BAKKT, everybody is too euphoric. I am? First, i would love to see some volatility. How you could trade the king, when he barely moves?! BTC needs healthy correction and im sure, we will get it… pic.twitter.com/sx0lE4QhM6
— CryptoMessiah (@messiah_crypto) September 19, 2019

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Source: CoinGape

Industry Analysts and Experts Say: Bitcoin Price is in Front of a Massive Move

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Industry Analysts and Experts Say: Bitcoin Price is in Front of a Massive Move
A couple of days ago, the price of Bitcoin failed to go past the $10,500 and now is heading for $10,000. Mining difficulty is rising, Bakkt is soon set to launch and huge amounts of Bitcoin is being moved around. Which way is Bitcoin heading?
Industry Analysts and Experts Say: Bitcoin Price is in Front of a Massive Move

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Source: CoinSpeaker

CME Group Seeks CFTC Permission to Double Its Bitcoin Futures Trading Cap

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CME Group Seeks CFTC Permission to Double Its Bitcoin Futures Trading Cap
Citing massive open positions and interest for its Bitcoin futures contracts, CME Group requested CFTC to double the limit of monthly contracts traded.
CME Group Seeks CFTC Permission to Double Its Bitcoin Futures Trading Cap

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Source: CoinSpeaker

Bitcoin [BTC]: Why Bakkt Launch Could be a “Buy the Rumor, Sell the News” Event

Bitcoin [BTC] recorded a flash drop yesterday of over $500 (about 4.75%) in less than an hour. Before that, Bitcoin had gained about $300 on the daily scale. A good volume even accentuated the bullish momentum. However, towards the end of the day, it dropped vertically.
The price of BTC at 4: 30 hours UTC on 7th September 2019 is $10,340. It is trading 2.9% lower on a daily scale.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
Since 30th August, Bitcoin [BTC] recorded five consecutive bullish days; the rise was attributed to its use as a safe haven. Moreover, one of the most robust catalyst during the time was the ‘Bakkt Launch.’ The much-anticipated bitcoin settled futures contracts backed by the NYSE is scheduled for launch on 23rd September.
Yesterday, it initiated the Bakkt Warehouse – the custody arrangement for Bitcoin. According to their update on Twitter,
Bakkt Warehouse custody is live.
Now accepting customer bitcoin deposits and withdrawals. Only 17 days until the Bakkt Daily and Monthly Futures contracts launch on Sep 23.
Bakkt is a Speculative Vehicle
While Bakkt brings a lot of innovation to the table, it is still purely a trading platform. The custody arrangement and Bitcoin settled contracts are upping the game for Bitcoin.
However, there are several institutional-grade custodians and trust firms like Gemini, Coinbase, Grayscale, and the recent addition of VanEck-SolidX trust fund.
Furthermore, CME and other regulated and unregulated platforms like Six Exchange and BitMEX offer futures trading of Bitcoin as well. The leverage provided on BitMEX is up to 100x, which makes it highly lucrative for traders. Hence, including trading platforms, there are similar products and services to Bakkt are already in place.
The current bull market in Bitcoin reached a high of $13,800 on 26th August. Since then, it the investors and traders have been uncertain of its direction.
Historic Reference
The 2017 bull market in Bitcoin ended with a high on 17th December. Bitcoin recorded an All-Time High of $20,000. Despite, the bubble characteristics and ICO hype, there was one other thing driving Bitcoin prices at the time – The CME Bitcoin Futures launch.
However, the launch on 18th December, the price of Bitcoin plummeted for four days straight by about $5000.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
Nevertheless, Past performance is no guarantee of future results. This time around the launch could actually bring in a flurry of fresh institutional investors.
Do you think Bakkt launch will have a positive or negative effect on the market? Please share your views us. 
The post Bitcoin [BTC]: Why Bakkt Launch Could be a “Buy the Rumor, Sell the News” Event appeared first on Coingape.
Source: CoinGape

As Bitcoin Price Breaks Its Crucial Support of $10K, Where Could It Go Now?

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As Bitcoin Price Breaks Its Crucial Support of $10K, Where Could It Go Now?
Bitcoin price surprises the market by slipping below $10K levels on August 28. Crytpo analysts trace Bitcoin whales moving massive BTC tokens ahead this week.
As Bitcoin Price Breaks Its Crucial Support of $10K, Where Could It Go Now?

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Source: CoinSpeaker

Bakkt Reveals Bitcoin Futures Details – Here’s How it is One-Up on CME

The much anticipated Bakkt ‘Bitcoin [BTC] futures contracts’ is scheduled for launch on 23rd September 2019. While these are not the first regulated Bitcoin [BTC] futures contract with BitMEX and CME currently leading the space, Bakkt’s is one-up on all existing platforms.
The Bakkt contracts will be margined and as mentioned before – can be settled using Bitcoins itself. Hence, it can also be used as an alternative to unregulated spot markets as it has custody arrangements as well. Moreover, Bakkt will offer:
• Bakkt Bitcoin (USD) Daily Futures
• Bakkt Bitcoin (USD) Monthly Futures
The CME provides only monthly Bitcoin Futures contracts. The daily contracts would likely increase the volatility in the everyday price of Bitcoin. Nevertheless, the regulated platform will improve the fundamentals around Bitcoin [BTC] massively.
Rhythm, a crypto-trader talked about the advantage of Bakkt over CME and its effect on Bitcoin markets, he tweeted,
Unlike other futures exchanges, this is settled in bitcoin. Actual bitcoin is paid out, not just the fiat equivalent to the price of bitcoin.
The result is better price discovery and liquidity for bitcoin.
Kelly Loeffler, the CEO of Bakkt, told the media, that the core service Bakkt will offer is “secure, regulated custody,” alongside its institutional-scale trading.
The monthly futures contract on Bakkt is based on “forward pricing curve” for investors, giving them an option to see prices up to 12 months. She specifically talked about the halving schedule due next year; which will be enabled for speculation through the monthly contracts.
Also Read: 5 Reasons Why Bakkt’s Launch is BIG News for the Crypto Community
Furthermore, as the daily contracts are margined, it will provide a lot of space for institutional money to get involved in the day to day activities around it.
The Bakkt launch data announcement has had an extremely positive effect on the Bitcoin’s price. The price of Bitcoin at 3: 30 hours UTC on 20th August 2019 is $10,800. Bitcoin has gained about 6% since the announcement.
Do you think that daily futures contracts will increase the volatility or decrease it? Please share your views with us. 
The post Bakkt Reveals Bitcoin Futures Details – Here’s How it is One-Up on CME appeared first on Coingape.
Source: CoinGape

This Week in Cryptos: Bakkt Approved for Sept Launch & more Venture Money Flows into Crypto Businesses

Key highlights

Bakkt approved for Sept launch
Coinmine raises $2.5 million
Bitcoin Miners prices Double in China
Seed CX test swaps settled in BTC
Chinese Court Says Bitcoin is Legal

Bakkt approved for Sept launch
Well, the much-awaited venture of ICE is finally here. Well, its launch time for Bakkt. According to the recent announcement coming from the company has received all the required approvals from the necessary regulators and is all set to launch on September 23. This also means that the company has been able to satisfy the Commodity Futures Trading Commission (CFTC) h which was one of the biggest challenges for the company to overcome for its physically delivered futures.
Coinmine raises $2.5 million
Week after week, venture capitalist and private equities are showing faith in crypto and blockchain businesses. This week its Coinmine that has raised seeding funding of 2.5 million. The round was led by M13, with participation from Gumi Crypto, Republic Labs, Canaan Labs, and Shervin Pishevar. The company will be using this money for its plug-and-play mining device, the Coinmine One, which enables everyday consumers to mine a host of cryptocurrencies including bitcoin, ether, and Zcash.
Bitcoin Miner’s prices Double in China
Well, things seem to be blooming again for Bitcoin miners and the equipment manufacturers. According to reports coming in from the Chinese media, prices of popular bitcoin processing machines have more than doubled in the past 6 months. With the rising prices of Bitcoin, the demand for the devices is allegedly much more than supply and mining farm operators are finding it really difficult to get their hands on new devices.
Seed CX test swaps settled in BTC
Well another BTC based derivative product is being tested as an investment product. Seed CX, the crypt derivatives provider announced that it has started testing its margin swaps products with users. Investors can now onboard to try out Seed CX’s swaps product matching platform during the testing period through its subsidiary Seed SEF, a regulated swap execution facility (SEF), the company announced.
Chinese Court Says Bitcoin is Legal
Chinese hide and seek with cryptocurrencies continuous as Hangzhou Internet Court has now declared Bitcoin as legal property in China. The pronouncement was made following order on a legal dispute between crypto exchange FXBTC and a client who lost funds when the company closed down. The customer claimed that he bought bitcoin through the platform which had then been listed in the Taobao marketplace. He apparently bought 2.675 bitcoins and left them in a wallet on the exchange.
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Source: CoinGape

5 Reasons Why Bakkt’s Launch is BIG News for the Crypto Community

The news of Bakkt’s September 23 launch has broken the crypto internet. The market is all green with Bitcoin alone has gained over $600 in the last 48 hours. Crypto Twitterati has welcomed the news with a shower of excited tweets. 
To give you perspective, Bakkt is a bitcoin futures exchange and digital assets platform founded by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE). Several major organizations including Boston Consulting Group (BCG), Microsoft and Starbucks are working to develop the exchange. 
After having made the crypto community wait for a year since ICE’s announcement of its plans to create the platform, Bakkt is finally set to launch in September, as per Bakkt’s medium blog. 
Here are 5 reasons why Bakkt’s launch is such a big deal for the crypto community

Bakkt’s Wall Street Connection – Bakkt has been founded by the creator of the largest stock exchange in the world, the New York Stock Exchange. This bold initiative may also inspire other major stock exchanges in the world from crypto-friendly countries like Japan and Hong Kong to venture into offering regulated platforms for crypto-based assets.

Bakkt’s Credibility – One of the reasons why new investors are reluctant about including crypto-based assets in their portfolio is the lack of trust in existing platforms. Bakkt, owing to being equipped with the New York state trust charter from the New York State Department of Financial Services (NYDFS) and approvals from Commodity Futures Trading Commission (CFTC), and its association with some of the biggest companies of the world, overcomes the obstacle of building trust. Thus, the platform is bound to attract investors that want to play safe in the cryptocurrency space.
More Institutional Investment – The cryptocurrency space has been bereft of institutional investors because of the same reason – lack of institutional-grade infrastructure. According to bitcoin enthusiast Jake Chervinsky, ICE brings great credibility to the crypto space for large institutions. When institutional investors enter the crypto space, sooner or later, crypto-based assets are bound to get recognition as mainstream financial vehicles.

Mainstream Adoption – Among Bakkt’s objectives is to facilitate seamless cryptocurrency usage in daily life. Though Bakkt hasn’t revealed a lot about its plans for achieving this objective, but word on the street is that Bakkt will help customers switch from paying with cards at malls and online to scanning their Bitcoin apps. One place where consumers will definitely be able to spend their bitcoin is Starbucks. According to  Maria Smith, vice president, Partnerships and Payments for Starbucks, “As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted, and regulated applications for consumers to convert their digital assets into U.S. dollars for use at Starbucks.” This development, which will enable consumers to avail Bitcoin’s utility as a currency, is a major step towards increasing bitcoin adoption.

A Gateway to a Basket of Bitcoin-based Offerings – Bakkt aims to enable major money managers to offer Bitcoin-based financial vehicles including mutual funds, pension funds, and ETFs, as highly regulated, mainstream investments. Bakkt’s vision can only be fulfilled if the US’ regulatory bodies are on the same page as Bakkt about digital assets. The SEC has been delaying its decision on proposed Bitcoin ETFs since the last year, and even now, it has pushed its decision to October. With the launch of Bakkt, the SEC might expedite its process of reviewing bitcoin-based assets. 

How do you think that Bakkt will influence the cryptocurrency market? Share your views with us in the comments.
The post 5 Reasons Why Bakkt’s Launch is BIG News for the Crypto Community appeared first on Coingape.
Source: CoinGape

Bitcoin Space Reacts to Bakkt’s September Launch Date Reveal

The long-awaited Bakkt platform has finally been given an official launch date. The regulated Bitcoin futures platform will go live on September 23, 2019.
Naturally, the Bitcoin and wider cryptocurrency community has greeted the news with optimism. The price of Bitcoin has responded favourably in the short time since Bakkt made the announcement too.
Wait, Weren’t There Bitcoin Bears Here Yesterday?
You probably know all about Bakkt by now. The cryptocurrency and mainstream news has reported on every little announcement made surrounding the launch of the new Bitcoin trading platform.
For those that don’t know what today’s hype is all about, the Intercontinental Exchange (the owners of the New York Stock Exchange) set out to create the world’s first institutional grade trading venue with regulated price discovery. Last year, when first announced, the plans attracted attention because of the company behind the venture, as well as high profile interest from the likes of Microsoft and Starbucks.
Since then, the platform has been teased in drips and drabs creating more excitement for what many see as the real institutionalisation of Bitcoin. Regulatory concerns delaying work on the project caused people to doubt whether it would ever even launch.
However, according to a post from Bakkt itself earlier today, the launch date is now set for September and it has received all the necessary approvals from relevant regulators. It will launch not only a physically-delivered daily and monthly Bitcoin futures contracts, an institutional grade custody solution, and regulated price discovery for the digital asset.
Naturally, Bitcoin-focused social media circles are elated by the announcement. Finding anything but bullish optimism amongst the many comments relating to Bakkt is nigh on impossible.
From early responses to the news, there seems to be a widespread feeling that Bitcoin is beginning a new chapter in its story.
Explaining just why Bakkt is being received as a big deal is @Rhythmtrader. The cryptocurrency analysis Twitter account states that the physical settling of real Bitcoin makes it different from similar futures markets. This allows for “better price discovery”:

BREAKING: Bakkt with launch Sept. 23.
The hype is bakkt with substance.
Unlike other futures exchanges, this is settled in bitcoin. Hard, actual bitcoin is paid out, not fiat equivalent to the price of bitcoin.
The result is better price discovery and liquidity for bitcoin.
— Rhythm (@Rhythmtrader) August 16, 2019

Arguing along similar lines is widely-followed trader Scott Melker. He describes the development as “the most bullish event for institutional investors in the history of bitcoin” and it as a sign of a “maturing” market:

The @Bakkt news is arguably the most bullish event for institutional investors in the history of bitcoin. PHYSICALLY delivered futures (require the holder to either produce actual bitcoin or take delivery from the exchange) backed by the New York Stock Exchange. We are maturing.
— The Wolf Of All Streets (@scottmelker) August 16, 2019

Popular cryptocurrency reporter and analyst Joseph Young describes the immediate impact the September launch announcement has had on Bitcoin prices. He claims there is now no possibility of a “short term bear trend”, adding that the price is up considerably over the past two days:

Bakkt launch announcement in September almost instantly reverses the possibility of a short term bear trend of bitcoin after dipping below $9,500 on August 15.
Bitcoin is up nearly $1,000 since then within 48 hours.
— Joseph Young (@iamjosephyoung) August 16, 2019

Drawing attention to the disparity between the approaches taken by different regulators around the world, developer and CEO of Indian crypto exchange WazirX, Nischal Shetty, commented on the fact that his nation’s regulators were still deciding whether people should be thrown in jail for their interest in innovative technology:

Amazing! Congrats @Bakkt
Great news for entire Crypto ecosystem. Great validation for Crypto Assets going mainstream
While large US companies are going full Crypto, India is still debating 10 year jail term for Crypto innovators#IndiaWantsCryptohttps://t.co/rDcIRiLrTC
— Nischal (WazirX) (@NischalShetty) August 16, 2019

Finally, since an image is worth a thousand words, Twitter user @codeyisfun posted comment on the overall industry reaction to Bakkt:

EVERYONES FEELINGS ABOUT BAKKT LAUNCHING SEPT 23rd pic.twitter.com/W4MR2x1GLw
— codey (@codeyisfun) August 16, 2019

 
Related Reading: Bitcoin Price Spikes Nearly $500 in Minutes on Bakkt News
Featured Image from Shutterstock.
 
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Bakkt Is to Launch Bitcoin Futures Next Month

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Bakkt Is to Launch Bitcoin Futures Next Month
Bakkt, first unveiled last August, has been working on regulatory approvals to begin offering the product over the past year. It is said to launch its services on September 23.
Bakkt Is to Launch Bitcoin Futures Next Month

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Source: CoinSpeaker