Bitcoin Forum

https://i.ibb.co/NN9zpDm/bakkt-bitocin.jpg

This writer said Bakkt has been closely-watched by bitcoin and cryptocurrency
traders and investors, with many hoping it will usher in a bitcoin bull run
to rival the epic 2017 surge.

Bitcoin, Ethereum, Ripple’s XRP, And Litecoin Could Be Heading Into Their Biggest Week Ever. 

Bakkt, is an Intercontinental Exchange-backed bitcoin platform. It was 
announced last year and partners include Microsoft and Starbucks.

Here is link to article:
https://www.forbes.com/sites/billybambrough/2019/09/15/bitcoin-ethereum-ripples-xrp-and-litecoin-could-be-heading-into-their-biggest-week-ever/#5292f52f60be

Do you agree with these happy thoughts or is this just smoke in the air? 

Nah. Nothing of note of will happen.

If the existing market is bored shitless, why would the sentiment be any different via a new channel? If there was insane bullishness it would perhaps magnify it. It certainly won't create it from thin air.

Yes agreed. I have not seen one magic crypto or platform launch that moves market by itself.

I don't think that Bakkt will give that huge push in Bitcoin Market.  I believe, they had been piling up Bitcoin for their launch ever since their plan were established.  So the moment they launch, they probably have the needed Bitcoin for their initial operation so it won't be that huge impact as we are thinking, though it is early to tell.  But, it is just my opinion so anything can happen when this Bakkt officially starts its operation.

Well, it might, although the chances are slim. Nothing ever goes as planned with Bitcoin. It is possible that something will happen soon regardless of Bakkt, Bitcoin's recent stability is not something that will stick around for long, that's for sure.

With the said chances are too slim, I can conclude that it won't help to boost the price of any cryptocurrency. Bitcoin will still remain its course just like nothing has ever happened because Bakkt doesn't give a bigger impact even if they start their operation already.

Probably we can see a boost, but not that bull run that we all have been waiting for. There could be new money coming in the ecosystem, but I don't see that it will be enough. Bakkt made noise last year, unfortunately it took a while before they got the approval, and the hype has died down already. So don't expect a similar scenario like 2017 here, so that you won't get disappointed in the end.

There’s a small progress on the right now and maybe this is a good sign that BAKKT can bring the price up but we can’t really know until it happen. Bitcoin price should recover and a progress like BAKKT is what we need for that to happen, no more delays and no more cancelation that’s what investors is waiting for.

I am with you. I won't expect too much on Bakkt issue. Bakkt may bring something good but it should be temporary impacts.


In fact, it is not like all investors expect. There is always a delay after delays. And finally, they are bored with Bakkt. Then, the hype has already gone.

sounds to me that the "writer" has been bag holding a bunch of shitcoins and he wishes to recover from the 90% loss in total that he has experienced because of his bag holding. otherwise Bakkt has nothing to do with any of these shitcoins that were mentioned here. if anything it will lead to a bitcoin price rise and that rise can trigger another wave of altcoin dumps as investors migrate from altcoins back to bitcoin again, like they always do during bitcoin price rises...

I think Bakkt is the only thing that would move the price upward this year. I mean, it would give way to other investors and common people to have Bitcoin so more users are able to join in.
 
Although Bakkt is good news to us, I don't think that Bakkt would suddenly make Bitcoins price pump. That author is I think exaggerating it to produce more hype for the project.

Comparing it to the "the epic 2017 surge" is absolutely exaggerated. No single launching will double the price of Bitcoin unless it is the United Nations that will launch it as its official currency, which will not happen.

The news about Bakkt has already sold out when it came out to the press much earlier. And after several postponements, the excitement has died down a lot. Less than a week before its debut, Bakkt is heard very seldom and the price of BTC is in red.

We better be crossing our fingers for this venture to be successful. This will still be beneficial in the longer term.

On the contrary I have a different thought! I remember similar kind of discussions happening during the launch of CME's bitcoin future and I have seen a lot of people were optimistic about it without knowing the ground reality, that CME wasn't offering physical bitcoin settlement.

So in the case of Bakkt, it is way different because Bakkt is aiming to offer physically settled bitcoin futures contracts. This actually will help to increase the demand of bitcoin in the market, which wasn't the case of CME!

I don't see anything created from thin air in Bakkt! It's robust plan to offer institutional and accredited investors a physically settled bitcoin contract can impact the market very positively! Probably it will provide the necessary stimulus that the crypto market is looking for!

Do not expect to see fireworks. Bakkt already bought the bitcoins for the warehouse to support the physical coins that is needed to support this physically settled bitcoin futures contracts. So you are not going to see a sudden spike in the price, because Bakkt is not going to buy millions of dollars worth of coins now.  ::)

This is just hype:
https://siliconangle.com/2019/09/15/analysts-predict-bitcoin-boom-times-ahead-bakkt-futures-launch/

Also, https://cointelegraph.com/news/bitcoin-deposited-in-bakkt-warehouse-protected-by-125m-insurance - The price of Bitcoin will not even see a major boost with only 125 million dollars worth of Bitcoin being bought and sold on exchanges.  ::)  These bitcoins that are traded on the Bakkt platform are not reflected on the exchanges that determine the Bitcoin price.  :P

Bitcoin does not depend on bakkt or else, and bitcoin will increase at the right time, which all people don't know when. That is great if there is any approval for the other, but I don't think that it will push the price to increase or rally after it's release. But if after it's launch the price can increase so high, and even the price can start the rally, then it will be good for us because we see the next of bull run that will happen after the approval. But still, we need to be patient until the time for the bull run comes.

So, after all the hype ..is the Bakkt pump ....Rekt?  ;D
Yeah, I suck at puns. :'(



I have the same feeling as I watch the prices once or twice a day, even the current move I feel it's more like something that had to happen so we won't forget there are actual trades going on.
Stopped for a few months to check the prices on a regular base, and I don't see this changing too soon, I have a feeling nothing that important would happen. And even if it does...
- price goes up, don't plan to sell
- price goes down, don't have that much $ laying around to make a notable difference..
So, I'm just browsing around enjoying the impatience of some posters here

Like what happened after April Fools Day and the announcement of Facebook’s Libra Coin, I think it’s possible. However, I wouldn’t fully count on that though.

Right now, we are experiencing a pullback from $10.2k to $9.9k of BTCs price. Ethereum and others are also having a slight pullback.

I just don’t know if this is actually another accumulation strategy of the bear whales in preparation for Bakkt’s arrival. I could be wrong or right, but time will tell.

We will see that in more days to come. Cheers!

Anyone notice that dump today? Is this a preparation for the launch on the 26th? Do we really need to relived the pressure at $10k? Although this is supposed to be "physically back up", but I don't see any drastic effect, if that is what average joe's wanted to see in the next coming weeks after a successful launch. Everyone should understand that investors are getting wise by the minute so I don't see anything spectacular going to happen in the market and personally not expecting bull run here.

I believe that Bakkt will have a significant impact on bitcoin price in the long term because now institutional investors can trade bitcoin on "regularized"/professional exchange. But in the short term I don't think it will have major impact on the market price. :)

Bakkt!? Do you think they should be trusted?

You see the good thing about hodling Bitcoin on a gain is the best time to participate in any speculation now. I know that a lot of people are turning their attention to news related to the launch of BAKKT so this is the best time for them to speculate right now because the risk involved is mitigated by the margin of safety we have. Even if we still don't know how the market will react with this news I know that it is still considered a win win for us. We don't depend on any news but wait for the actual price movement to happen

They are making a change to the entire bitcoin network through the service offered. From the information gathered about Bakkt I believe there is more chances for people have more trust upon bitcoin. Bakkt is going to serve as the trusted platform to serve the common people who have been hesitant to invest on bitcoin considering its volatility.

They will serve as a good channel between common people and those who already have a good knowledge with this industry. If they will perform very well and attract more people to trust this chain, many investors will be guided on how Bitcoin works and how it will be consumed properly, not only as an asset for investment but also serve as a real currency that can be used when doing payment transactions.

We will know what can be the effects of this after being launched. After that, we will be able to have our own assessment concluding whether it's served its purpose, helping crypto to be accepted and adopted.

The recent bitcoin price volatility is extremely low and I don't know what to expect.
Bakkt won't bring any major change on the cryptocurrency markets.The institutional investors will continue to stay away from bitcoin.There's bitcoin futures trading on CME.With or without physical btc settlement,I don't think it really influences the bitcoin price that much.

Well, if a bull run is on its way, it had better hurry up, since BTC has just dropped below $9.900, alongside the altcoins this time. Also, it doesn't count if the prices simply sink and then return to original levels. Bitcoin was unnaturally stable recently, which made it only a matter of time before it went either up or down. Even so, drops often tend to come before large surges, so you might be up to something. It will definitely be interesting to see whether or not BTC will react to Bakkt launch, and how. Although, to be honest, it doesn't seem like a lot of people are expecting much to happen.

There are too many hype around bakkt but i believe that this release can really pump the market

right now , there is no solid evidence yet that this bakkt thing can cause the price to rise  .

right now what we are only seeing is a pure speculation but happy thoughts can lead to one user to invest in order to prepare so this thing can sill contribute on the price somehow  but you can still continue to invest on btc and altcoins with or without these events because you said that thier prices are now decreasing so you should not miss that great oppurtunity   .

Bakkt launch will definitely be the best event in crypot many financial institutions are coming to the market and they are planning to trade cyypto in big way we can see btc pump to 15k in this month

Wanna bet on that?

If on my first day in the job at Institutional Inc I walked into my boss's office and said 'sir, the crypto market is looking awful quiet. Shall we start a massive pump,?' the response is unlikely to be 'y' know what? That's a great idea. Call the pump department right now and here's a raise for you.'

It's a tad more nuanced overall.

It is because probably they already collected/bought the needed Bitcoin for BAKKT initial operation.  But the following day would be crucial since there might be some group of whales to ride the timing of Bakkt being launch and pump the price of Bitcoin.  We all know that Bitcoin market always surprise us.



True that, all are only speculation.  We really do not know what will happen, saying something before the day happens is a mere guess or personal opinion.

Such news are spreading in the community just because the year end is near and it's time for FUD and FOMO to spread and create a bull trap.
Stay awake! Be aware!
Don't fall for something that you would regret later.

This topic is all hype.  Certainly Bakkt is going to be pretty big and everything but this topic contains too much hype.

Agreed! I also think that initially, people were interested in Bakkt mainly in terms of its potential to push the market recovery forward. From other standpoints, this project was not that exciting. And since Bakkt already disappointed some people, because the launch date was postponed significantly, there's even less interest to it. Not to mention that the market is doing fine without it. I'd say a 15% temporary increase is what we can get but something more than that - unlikely. There are only 4 days left until the futures contracts are available, so we'll see how it goes.

bakkt launch on September 23,and september 27 is future quarterly settlement date.i think that was a interesting moment.

Bakkt may not possibly push up bitcoin price short term but the main point here is bitcoin's potential to become mainstream. Bakkt launching means bitcoin is already legit and acceptable with open arms especially in the US where SEC being always adamant.

Although the increase is very low, however, this is a good sign for us. This short-term increase seems to be a signal for a strong revolution in the near future. Please be patient.

What if BAKKT comes and then nothing happens? I am only looking forward to the upcoming halving that will happen next year, I feel like that's when the next bull run will take place. This internationally backed exchanges or whatever it is, is getting too much hype and at the end it might still disappoint. As much as I can remember, the last bull run was triggered after we had the BCH fork. The price of bitcoin went down and within a short time it started going up and from there it went for a bull run and reached a high price around December. I'm thinking it might be the same thing. BAKKT might get launched and things will still be normal as it is. Unless it's truly going to attract huge institutional money like some experts have said. If it happens that way, then the price will move up and will keep going up until maybe the next fork takes place?. Well, whatever it is that will make the price to go up, I am just ready for it. We have been waiting for a long time for the bull and I have been saving my assets all these while for it.

Bakkt will definetely bring something good to the Bitcoin market. Will it also increase the price it's yet to see. To my opinion that is possible but only on short term. It will not be the long term bull run.
Although I don't think Bakkt is a revolution, maybe just a step forward towards better Bitcoin acceptance and regulation.

I believe there will be almost no effect or if there is an effect it would be price manipulation in conjunction with some big news blasts about it, hyping it up so much that everyone believes it was because of Bakkt.  I think Bakkt is a big deal, but manipulation of the entire crypto market is much, much bigger.


We have no concrete evidence to back that up.  I know we are counting on that upcoming halving, but it's possible that nothing will happen.  Look at Litecoin's last halving event, nothing happened.  Also look at previous Bitcoin halving events when price spiked outrageously.  Those previous halving events were possibly manipulated in a big, big way.

Whole 2013, 2014 and most of 2015 Gemini was praised to change everything. Winklevoss  twins that invented facebook will make a magic exchange that will bring Bitcoin to everyone. Wall street, banks, corporations. Everywhere.   Long three years of hype. And what happened at end? Nothing in 2015. Nothing in 2016. Nothing in 2017. Nothing in 2018. and you guessed right nothing in 2019.

I have the same opinion as you, while lot of people are waiting for a bull run at any moment to close the year at higher levels than 10k USD, I belive that the most important benefit will the potential to BTC become more popular and people lose the fear of investing in BTC
The price in a short term is not the most important

I don't think it will have much of an effect because we knew BAKKT was coming since last Summer. And most people these days probably won't actually use it.

I think the CME and CBOE futures had a bigger effect on the market its because aside from Crypto exchanges it would be the first place where certain retail and institutionals could trade bitcoin. So thats why it created a huge price surge.

The next event that can cause another surge like that is maybe some ETF actually getting approved. However even if that happens its years away and most likely when news comes out of a ETF approval, it will be another "buy the rumor, sell the news" type of event.

Either way, lets see what happens on Monday.

Litecoin got its halving pump, just not when everyone expected it. Look at LTCBTC's performance from last December to April. It nearly tripled in price during a time when most altcoins were bleeding against BTC. There was even an attempt on the highs again in mid-June.

Sellers front ran the halving cycle by a couple months and sold into the hype. Smart money being smart!

I dont believe it will mean much to the price. It is mostly for the large corporate investors to make their move with the swing of the price. Nothing more but making the rich get richer..
only this time around in crypto. ::)

It's pretty obvious that there's some kind of manipulator from either whales and institutional corporation who have been inside the market prior to bakkt. The price is just hovering around the $10k, so sorry for those who expects something big is going to happen because big players have change the game and put it to their advantage. As you have said, richer becoming rick as f**k. That's how it is and us average joe's just need to swim with them.

For a moment just forget about the impact of bakkt on bitcoin price. Think of the adaption Bakkt will bring. There will be so many new investors who will be investing in bitcoins through Bakkt. When you will see more people using bitcoins its demand will automatically increase and since we all know that bitcoin quantity is fixed, the price can shoot up very high in very small amount of time.
Both Bakkt and the bitcoin halving are enough to start the another bull run.

Beg to disagree about the Bakkt scenario pushing the price for another bull run. On the contrary it could bring a tragic scenario wherein the price will go down further. I don't want to bearish about Bakkt, but it seems that's what we are seeing right. As for the halving, lets wait till May, but let me remind you that the price won't go and increase over night though, takes years again before we can finally a massive bull run similar to 2015-2017.

Hahaha what a major fail. Years of anticipation and big talk about big investors and institutional money accessing Bitcoin, then it finally goes live it puts out a daily trade volume of 50 BTC.
Big money can't even be bothered to put down $500k in Bitcoin...
And you guys still believe Bitcoin has not failed? LMAO!

I think many are disappointed now. Expectations from Bakkt were big, many hoped for bull run but so far effect is just the opposite.
I'm not saying that current corrections is related to Bakkt but obviously positive effect didn't happen. But don't rush with too many negative conclusions, let's wait for a while to see how the situation will develope.

No. Market have tanked.

People are way expecting too much into these kind of events.Yes, it do looks good yet we know this Bakkt is involved but not all fundamentals would works as it should be.
We are seeing the current situation at this moment where price is decreasing and as you said lots do get disappointed on whats happening right now.Nothing special nor shocking because anything can happen from time to time.Things doesnt happen anytime on what we do anticipated and this is what makes this market is soo unpredictable.

https://www.theice.com/products/72035464/Bakkt-Bitcoin-USD-Monthly-Futures-Contract/data?marketId=6137541

Been almost a day and only 70 contracts traded so its 70 BTC. There is also the daily contracts which only had 2 contracts trade. So very little interest we can see so far.

I think we got to give it time. Maybe not all brokers have been able to list it yet for trading. We will see what happens in a few weeks time, but so far the results are pretty disappointing.

Most likely if it continues with this little volume, they will just delist them.

Many are because it was opposite to what most expected.

And right now on internet, I see a lot of altcoiners and no coiners making fun of 'bitcoin bakkt to the moon' because of the tank.

Since Bakkt launched yesterday, the market has dumped ~4.5%. "Buy the rumor, sell the news" strikes again!


CME's volume was disappointing at first too but it's grown significantly over the past 1.5 years. The monthly volume from January 2018 to May 2019 went up more than 1000%. Give it several months or a year.

True, I don't understand why people think that the price will suddenly shoot up. Investors are still in the waiting game, sort of like observing what the market sentiments will be before starting to make their move. So we need it some time to develop and let the investors make their decisions in the next couple of weeks.

We can't compare them to other future contracts (CME and CBoE) because that time we are in a bullish market and there's a lot of hype behind them as compare to Bakkt wherein in the beginning stage there was so much hype and media was all over making noises that this is supposed to be the catalyst.

it seems like for these couple of days that Bakkt launch is still fresh there is more panic in the market than anything else possibly it is either because of the fact that weak hands think it is the end of the hype and expected drop so they panic sold before it happened and caused this drop or their panic is because it is Futures and they were scared of its effects on price. whatever the reason we are seeing the panic take its toll on the price but still incapable of pushing it down below the previously tested bottom.

I'm not watching other charts than bitfinex and bitstamp so probably my info is not accurate but I see the volume being a fraction of what it used to be in June July, so there is no much panic as probably boredom, really not so much trading going on compared to previous months.

Actually, even looking at the chart on CMC (which I know is as fake and inflated as possible) I see this:

https://i.imgur.com/PEeBlq3.png
 
So, I'm pretty sure that if we eliminate the usual fake volume coming from the former chinese exchange and the ones nobody heard of but are claiming trillions we might end up with only a third of the previous month's volume.
And this will probably be the trend for some time...until. ....something happens. What that might be, I have no clue.


Common, look back at the topics about bakkt.
Bakkts launching, moon, such wow, were the dominant things in every one of them, almost everybody was sure the price will spike, physical bitcoins, contracts, money, Wallstreet...
Now everybody is...let's take it slowly, it takes time, even 2 bitcoins per hour is huge!!

Why are we trying to fool ourselves?
90% at least expected a price hike and now, 90% says a spike was impossible, let's take things slowly...
Remember this?

I also believed in an irrational spike (as I dislike Bakkt a lot), I was quite sure the FOMO would push the price at least 30-50% percent up because this is usually how things happen here, when hype kicks in nothing can stop it but when I saw the price declining and I saw the volume on Bakkt, wht a f joke!!!!

Then they're silly billies.

Most people on this forum are interested in Bitcoin because it might provide them with one thing - more dollars.

That's doubly or triply the case for high rollers. Trading to wind up with BTC is going to be niche however you wish to look at it.

It's cool that it exists and one day it will be a powerful market factor but it could be a considerable wait.

So how many people saw this coming? The ones that ignored standalone news in favour of seemingly solid charting technicals? Or the ones that knew Bakkt wasn't as anticipated as people wanted to say they would be?

I wonder how the Tom Lees feel like now. Cause if their followers were truly people waiting for the likes of Bakkt to come... well, it's here.

I'll tell you what happened: institutional money didn't wait. They went in a while back;)

@buwaytress I’ll be honest a while ago I was keenly awaiting Bakkts launch, as I believed it would propel bitcoin prices upwards but later on when I saw it was continuously being delayed I stopped focusing on it. I’m not surprised to see bitcoin prices have not reacted at all to it’s launch, however I do believe that in the long run it has the potential to power up bitcoin prices.

Seconded.

that's the thing though, people are jumping to conclusion too fast about Bakkt. it is brand new and it was not supposed to bring waves of people in the first day of its launch although it was hyped up a lot.

in my opinion the minimal things that happen with things like Bakkt is that they remove a lot of false information in the minds of everyone who has ever heard the name "bitcoin". for example how could it be "fraud" (according to JPMorgan) and still be used by a ton of legitimate places?! and that is the biggest achievement if you ask me, even bigger than bringing institutional investors!

It was definitely obvious to a degree but it wasn't this obvious. I mean I didn't expected Bakkt to make a big impact on bitcoin so I was kinda right but even on my imagination the "not a big impact" was like it would have SOME impact, like a very tiny small one. This really turned out something really wasn't worth even a topic instead we got like topics every single day and messages about it every single hour and in the end there was less volume in dollar terms than there was news articles and messages combined.

There is really nothing that makes this bakkt a thing that we should talk and we are still doing it even after the fact that it turned out to be nothing. Lets hope that it gets bigger and bigger because right now it literally has zero affects on bitcoin.

Can't agree more.

Everyone should have that patience we had even before.