Bitcoin Forum

Me, and everyone here is waiting for this Bakkt platform to show up and let the institutional investors get started by letting them play with the values by longing/shorting BTC with huge contract sizes of approx. 25 BTC. But when we say that it could affect the values too much, what is the base of saying that? Couldn't everything prove negative just the way it did when we expected something different through Bitmex and CBOE futures but a lot more different things happened and we're here at sub-4k? When we speak that Bakkt could move the price of BTC and alts to boom alone, then why didn't it happen before itself? Why are we currently standing at 3.6-4k levels with the fear of getting dumped down to less than 2k by those institutional investors who're currently making lots of BTC through their shorting techniques?

I don't believe Bakkt will influence crypto.I hate derivatives trading.I already hate bitcoin futures trading and the Bakkt project will bring nothing new to the table.There might be some short term hype that will increase the bitcoin price,but this will be due to the high expectations around Bakkt,not the influence of that new platform.Institutional investors will continue to stay away from risky assets,like crypto,because the markets are unstable and most of those investors will move to more secure assets like gold.

I agree with your first part of BAKKT wont bring anything new , only on implementation the market may move up for short term but immediately their will be heavy selling and shorting and it will move the market more down. This futures trading is not good for the market as without holding bitcoins you can manipulate the market by fiat currency by shorting the market and making panic in short term traders mind and bring the market more down in real.

Bakkt's futures start at 1BTC per contract. 25BTC applies to VanEck's minimum ETF share price.

The whole idea behind the hype is that people blindly assume that all these Bitcoin backed platforms will empty the spot market and inflate the price to whatever insane levels. That's not the case, and it doesn't even make sense with how illiquid the market is. These entities buy from private sellers, being mining farms, old hands, OTC desks, etc.

Only if the demand is so high that the OTC market as a whole runs dry, the spot market might and probably will react to that with green. I however don't expect any of this to have an impact in the near term. It will take a lot of buying power to dent the OTC market.

I don't believe they'll have much influence. All it is is another way for people to invest and bet on the price of crypto. As you rightly pointed out, who's to say they won't crash the price or even just that no one will actually be interested in using this service?

The major reason why cryptocurrencies market surge in 2017 ending was because we have future trade and that is what bakkt stand for.  We should expect the bull run when the market can have something that will stimulate the market.  I really believe that if bakkt began we would have another bullish trend.

The impact on price can be through psychology unless the BAKKT is fully prepared. Investment was out of exchange and the impact on the price does not seem to be possible. In the future, more noticeable development will affect the price. The amount of money deposited is not like a small amount, but we understood that it is not enough.

No doubt and as usual those investors wont really be get serious on investing on crypto.For sure they have seen the past incident when it comes to ATH price which goes down almost to the floor.
There would really be somehow a hype which would potentially drive the price to rise up but it would really be just temporary.I don't know why some people or majority do really
believe on what BAKKT can do to reverse the market which the truth that this thing doesn't really offer anything at all.

Yep, correct, absolutely correct point, noted!
But then, it was all just hyped up too much that futures will break all the barriers and bring in huge amount of investors in order to put their money in crypto and drive it crazy. Did they do exactly what we expected? No. They sent the markets all the way down to the levels we never thought we'd see, except why we were expecting BTC to end up above $50k last year (2018), right?
Futures gave the ability to short, and that's the truth! You can check the volume for 2017 end, and it was considerably lower, but BTC was growing and there's a possibility we could have reached our expected levels without Futures' launches. You can check 2018's volumes, when Futures were launched, slowly and steadily BTC and other alts started to die actually but the volumes almost sextupled in terms of daily trading. It's really not good when volume is too much but instead of appreciation (yes, I understand that BTC went too high too quickly, but even after the correction, I believe it should have remained steady to ~6-7k range), we only witnessed regression of the whole crypto space.

Because it gives them a sense of legitimacy. I mean lets remember bitcoin was seen as the "the money drug dealers use" just couple years ago, people who get into bitcoin at 2017 sees the financial investment or the commodity trading parts of bitcoin but us the old ones have seen bitcoin as this money laundering, contract killer payment, drug dealer type of thing just recently and from that point to this it has been great.

That's why Bakkt and sec will have great deal of impact on bitcoin, we are moving further from those days into a professional investment option used by wall street type of people and all around the world. Will that have positive effect on the price ? Surely. Will that have a positive impact on the VALUE ? Definitely, without a doubt even. It increases its value a lot.

I don't know but I notice the market does not behave anymore based on the past trend.
The new trend was carried over this year but I hope this will change, before when there is an announcement like this, people are so hype
and it can be seen in the market. Maybe people are tired of the hype and get FOMO, they'll be watching first on what is the effect of this BAKKT launch.

I feel like Bakkt's definitely going to have some sort of effect on BTC and crypto prices as a whole, but it's also a bit overhyped in some communities like Reddit where I've seen people proclaiming that Bakkt's going to launch us out of the current bear market. It's definitely bullish news and will raise prices for crypto overall when the platform launches, but don't raise your expectations too high.

Yeah and we must be ready for that one. I believe that BAKKT will bring the market up again since its main purpose is to improve the current market by developing new improvement with bitcoin and I see this one as a big move for this year. Actually the hype is already started and many investors are coming in for them not to miss the future pump, the level of FOMO might increase again but hopefully those who hold for months now, especially those who lose money should not take profit early for us to reach the top again.

Bakkt sole purpose is to make profits for investors, they just use Bitcoin to do it. in terms of development, they don't bring anything new at all. Bakkt hype is so great, most of the time, it mentions the physical-backed bitcoin contract. The hype by itself is enough to push the price I believe.

Anyway, as long as it pushes the price then I don't really see any problem with it. The problem is manipulation.

IMO Bakkt joining the crypto space is a good thing as it will bring fresh investors into the space. This could be a breath of fresh air for the crypto space as it is evidently bringing some new money into the market thus it should, in theory stimulate the market at least.

Manipulation by whom, traders? I believe they've not even entered yet in the markets through exchanges but surely getting OTC trades conducted. If we speak about the intervention of Governments, I believe that the real manipulation will be seen once they approve Bakkt's launch which is getting delayed each month under the name of some extra features being added for the time being. But I believe that the actual reason is the US government and it's clearly been said that they're dealing with the regulations part. Bakkt had been all the way in talks since August 2018 and it's still pending its official launch, tell me what's going on?  ::)

I don’t really think there will be something new added, but Bakkt claims to be efficient , seamless and secure. And people claims that it would attract institutional investment money through its open platform which will be meant for all manner of services including trading and warehousing. But the way I see it, price might just go up for a short term and then drop again. All these things don’t make any difference.

Because crypto is power by people and the investors need more secure investment, bakkt could be the answer to increase the trust level, the bakkt will make more people interested in joining crypto, but its not the solution to increase the bitcoin value, because when something wrong with the bakkt we will have a huge dropping, that is why some people not really believe bakkt too much and it can make the hype too big

Bakkt also is just showing one proof of what bitcoin can be. It is not really just about BAKKT at this point. Of course having BAKKT would help us a lot and it would improve the volume and so forth but one thing people are missing on this BAKKT deal is that we are not excited about specifically bakkt, we are excited that it is the first, after it starts that will be the first one of many and we are hoping it will pave the way for many like it.

If we can get SEC to get used to accepting Bitcoin related stuff than we can have a lot of securities exchange offering bitcoin and even ethereum in the future. So we are not really thinking Bakkt itself can influence the value right away, we are just happy that the value will be going only higher if more Bakkts happens.

The Bakkt project brings together several major groups who will join forces to offer a mixed solution adapted to the integration of cryptocurrency (and Bitcoin in particular) in the very diverse uses of everyday life. It has just been announced today.

The various groups concerned at the moment would be notably the ICE / NYSE, BCG (Bolton Consulting Group), Starbucks as well as Microsoft.

This mixed solution will initially include future Bitcoin sales with physical possession and storage of the relevant bitcoins, managed by the NYSE on federally regulated exchanges. Bitcoin is the first considered because, according to the ICE, it is the most liquid cryptoactif of the current cryptomonetary ecosystem.

As a matter of fact we are not sub 4k because of futures. Futures influenced the fall but they also influenced the rise right before it. When the hype around futures begun we were somewhere around 5k dollars and before that the rise could be the reason of Japanese and Korean market adoption. Do you remember the news about large shopping centres in Korea and Japan accepting Bitcoin? It was there, before 5k USD. We fell below it due to panic and not futures or whale manipulation, but such is life. When you push a 500kg boulder of a cliff it won't stop exactly where you want it and it won't roll down bouncing like a rubber ball but embed itself in the ground down below. That's how the market is reacting. It should and could stay at around 6k, but went into depression.