For the past year many participants within the crypto markets have been looking towards the official launch of Bakkt as a potential event that will on-board a significant amount of institutions to the crypto markets, therefore catalyzing the next major Bitcoin bull movement.
Now, the markets are only a few days away from the launch of this platform, and analysts are closely watching to see how the introduction of physically settled futures could impact Bitcoin and the aggregated crypto markets in the near-term.
Bakkt Launch Nears, But How Will It Impact the Crypto Markets?
Bitcoin has been caught in a bout of sideways trading over the past several days and weeks, ranging between the lower-$9,000 region and the upper-$10,000 region, with major support at the former price level and resistance at the latter.
This sideways trading, however, may soon come to an end as Bakkt’s launch looms on the horizon, with their physically settled Bitcoin futures platform launching on September 23rd.
Some analysts believe that the launch of Bakkt coincides closely with the apex of the large triangle that BTC is currently trading within, which may mean that the platform’s launch will come about as the crypto makes a massive movement, but it is unclear as to whether or not this correlation will equate to causation.
John McAfee, an outspoken crypto bull, noted in a recent tweet that he believes the launch of Bakkt could jump-start widespread crypto adoption.
“BAKKT goes live tomorrow. It is an institutionalized exchange so I won’t be using it, but institutions will feel a level of trust that they had not had. It could jump-start Ctypto adoption. But remember – it is the opposite of freedom’s movement,” he noted, further adding that he had the date of the platform’s launch mixed up, as it actually launches on Monday, not tomorrow.
BAKKT goes live tomorrow. It is an institutionalized exchange so I won’t be using it, but institutions will feel a level of trust that they had not had. It could jump-start Ctypto adoption. But remember – it is the opposite of freedom’s movement.
— John McAfee (@officialmcafee) September 20, 2019
Bakkt Could Improve Institutional Trust of the Cryptocurrency Markets
Thomas Lee, a prominent cryptocurrency analyst and a notable Bitcoin bull, explained in a recent tweet that he believes the launch of Bakkt will greatly improve institution’s trust of the crypto markets.
“I am very positive on @Bakkt and its ability to improve trust with institutions to crypto,” Lee explained.
— Thomas Lee (@fundstrat) September 20, 2019
Assuming that the launch of Bakkt is met with great success and utilization, it could potential lead to an influx of fresh capital into the markets, which could boost their performance for the second half of 2019.
Featured image from Shutterstock.
Published at Fri, 20 Sep 2019 23:00:05 +0000