Bitcoin Forum

Why isn’t the official launch of BAKkT driving btc prices up but instead it’s going the opposite way?

Are investors afraid of a massive dump coming up or what are the possible reasons there isn’t any traction for BTC price ?

Do not worry, the prices will be up again. As you know in crypto, the prices rises on the basis of the news and more often dump on the actual event day. The same is happening with bitcoin prices currently. I am sure once the actual trading will start at Bakkt, it will be hard to find bitcoin again at 10,000 Dollars.

Because Bakkt is supposed to launch December of last year. If you guys noticed, bitcoin price continous to went up slowly. I believe Bakkt accumulated a lot of bitcoins already. They are ready to play.

But Bakkt is good for bitcoin. We just need patience because more Wall Street players are here.

Perhaps the crypto whales are just selling in order to push the price down,so they could buy at a cheaper price later,right before the bull run starts.The market was "sleeping" during the last three weeks.I hope that some event will wake the traders up and the price volatility will return.I don't rely that much on Bakkt to bring any new investors to bitcoin.

I guess no one is really excited about bakkt, or there are manipulators behind and push the price a bit so that they can buy cheap coins prior to the bakkt launch. Anyways, this bakkt offering is long overdue and people are not that very enthusiastic and eager to say the least. But we will see the impact in the long run though, it's supposed to be the next catalyst for a bull run so let's stay relax for now and see how it goes.

As always is the case, before every bull run we see an unexpected dump. Lets hope this is the last dump and we move upwards after this. BAKKT is a big platform and there are chances that we see big increase in the overall market cap.

It seems that Bakkt was the cause of big pump from April this year, when price is jump from $4000 to $14000 in a relatively short time. They allegedly bought 100 000 BTC during that period, and as you say they are ready to play now.

People who are waiting that Bakkt launch new pump probably waiting in vain, how it seems now September 23 will not change anything in terms of price. It remains to be seen whether there will be any positive effects in the coming months, and depending on how this project will evolve, price impact may occur again when/if Bakkt start to buy BTC again.

If bitcoin has taught me anything is that good news don't necessarily correlate with price increase.

"Buy the rumor, sell the news".

Well said!
Also people tend to forget that Bakkt news were used (or attempted) for pumping the price, almost nobody seems to be impressed anymore.

The anticipation of bakkt coming for a long time now has slowly died down, people are not so eager like when it was first mentioned, maybe people are waiting on the sidelines watching to see what will happen before any major movement, nowadays, news and update hardly drive price like before, I guess things are changing.

I don't think that was only because of Bakkt since there were multiple factors involved among which the Facebook crypto(Libra) was the primary motivator. Not many are interested in when Bakkt will actually launch anymore due to the delays.

I actually feel like this is a court case being postponed like all other cases. Everyone are hyped for the 2020 halving event which will probably push the BTC value through the roof. It will be worth the wait in my opinion.

Basically they said it before the price shitfted positively and the launch was postponed, so, what we are seeing doesn't mean it announcement again for the launch have no traction. The traction will come as soon as they actually launch their program. Personally, the believe that this launch will produce positive results for bitcoin and altcoins is what happened last time they intended to launch. Let keep our fingers across and see what happen later this year or in the year 2020.

Libra has nothing to do with Bitcoin, it is just an idea on paper with a high chance of failing. Yet complete ignorance of the good part of the crypto community regarding Libra perhaps influenced the increased demand at one point, but the price is starting to go up in moment someone (Bakkt) is start to pump money in Bitcoin.

Just imagine that today someone starts buying thousands BTC, the price would instantly go up, and we know that people invest in crypto mostly in times when the price is going up. The reason is simple, FOMO short-term profit in times when Bitcoin realizes a significant price increase in a short period of time.

In a time of stability which we have right now, supply and demand are almost equal - it just shows that cheap coins are not too interesting for most investors.

Shakeout is a common thing on cryptomarket. Big players doing price manipulation for kick weakhands from market. Big players want more and more bitcoin before price go up.

It's no problem if bitcoin price is going down again in this time because, in a long time, the price will be back to increase. If the price can go down again, the chance for us to see the high price will be wide open, and I guess that we don't need to wait for a very long time. After the price down, it will start to increase after the price sideways for a moment so we could expect that will trigger the bull run to come. That is only a prediction, and we don't know what will happen later, and we need to be patient yet.

imo, when you buy bitcoin, whales and traders are taking the other side of your bet and trading against you. this prevents any type of price manipulation from someone with deep pockets, so they can't "buy" the market. Example If some entity buys 10000 btc, whales and traders are not going to let them come in buy, pump the price because of the thin books, drive the price up and let them take profits. whales will sell and  drive the price down and make the buyer sweat it out and make them work for their profits(baghold). same goes for selling, you sell 10000 btc the price is going to most likely go up and not let you buy back at a lower price to immediately wash rinse repeat. so I look at bakkt in this way, if the price dumps tomorrow, this means people are buying, but the traders are trading against the new money. if price goes up that means there are people selling the news and whales are buying.

This is what happens as usual, buy the rumor and sell the news. Hopefully though in the near future this will become a catalyst for more big institutions to be pouring in money into Bitcoin and other Crypto currency assets and blockchain projects at large. I think by 2021 we should see another boom in the price of Bitcoin but how much can it go up from here? All depends on how many people see it as a store of value or how many new people will decide to use it for shopping etc. Only in the future we will know of course.

Here's the graphical movement of bitcoin this past few days. Bitcoin was already going down but after many days, it will rise up again. We all know that bitcoin wasn't really stable. I think you just based the assumption on this day? If you're going to speculate something, you should check the whole week or even months if the bitcoin will still increase or decreases. I can say that this is just a normal routine for bitcoin so chill out.

I don't know what BAKKT really is but I already read some articles about it that it will help Bitcoin to grow. Too good to be true but I'm hoping that's legit because it's what we really wanted.

Yeah, events, rumors, and news are usually already priced in by the time they happen, but Bakkt is going to allow big-money traders to get into bitcoin--so I don't think that sort of thing can be priced in ahead of time.  What I'm not sure of either is how much Wall Street (and other deep pockets) are going to trade and how that's going to affect the price of bitcoin.  I don't know if bitcoin is actually going to change hands or if it's all going to be done through derivatives.

I did not realize tomorrow was the launch, since all the news about Bakkt I've heard has come from this forum, and I don't remember anyone mentioning a date.  Should be very interesting to see what happens.

Meh, it's been flat for a while now.  There's been no movement with any momentum behind it, and the ups and downs we've seen are just normal market fluctuations.

Well, I would presume that most of the bitcoins that are stored in the Bakkt warehouse have been bought months ago, when they started with this project, so we will not see any huge bump in the price when Bakkt goes live tomorrow.  If on the other hand, Bakkt is very popular and institutional investors starts to buy loads of coins, then Bakkt will be forced to buy a lot more coins and that will push up the price.

Let's also not forget that whales expect the price to go up tomorrow.. so they might have dumped some coins to manipulate the price to buy some cheap coins before the price goes to the Moon.  ::)

Normally, whales always buy cheap, so it is possible to expect a fall, but as new investors will come from many of Wall Street, some will take the initiative to buy regardless of the price, only with the intention of acquiring them, or it may be Nothing happens for now, and everything is progressive and adds large sums of Bitcoin purchases over time.

It will take time before the bulls come but hopefully BAKKT can trigger that trend so we can feel a good year again. We have time to achieve that if many investors come and BAKKT becomes big for sure the bull is easy to develop. We are still on a downtrend so maybe bitcoin still want to go lower before the launch of BAKKT.

It's tomorrow, I'm more happy about Bakkt because it will bring more attention and more people to BTC, and in a long term, for sure the price will follow
But I'm curious about this week , let's see how the market will react

News, just like rumors, sells very fast. When the Bakkt plan was discovered, it quickly spread around the community. And then the launching date was released. Again, it spread fast. There must be some nice pumps caused partly by this big news during that time. But then the launching was put off several times. The hype kind of died down. And here comes the actual launching, there was no more hype left, everybody knows what's going to happen, BTC price is red as well.

In crypto, it has always been the early bird that benefits. Buy the rumor, sell the news as they say, and this aptly applies to this Bakkt thing. If you think that the pump will happen during the actual launching, you are probably wrong, people are selling already. 

But when bitcoin and altcoin price will up again, maybe I heard altcoin season will come on October but true or not we will see how altcoin could raise to higher price or not at the next month.

I disagree. When Libra was officially announced, the whole world noticed and it was all over the news and it obviously has a direct relation with BTC. BTC too had a high chance of failing initially, until it took off later on which is why Libra could become a strong contender to BTC in the future.

I agree with you here. Most altcoins are irrelevant now and this can be clearly seen by the high level of dominance by BTC these days(Close to 68%).

I am happy isn't depending on BAKKT, I am just believed Bitcoin as payment on future not as other futures and other stock ever. When i got bitcoin i am not for selling it into fiat or exchange it to other value, whetever will go on, bitcoin still on my wallet. It's done enough for me.

it seems like people these days are wishing for a drop and are way too fast at starting a new discussion about these supposed "falls" each time there is a tiny ignoreable fluctuation in price! it is as if it is their first day seeing a bitcoin chart and have never looked past the previous couple of days on a chart!

what we have been having is not falls nor rises. it is simply fluctuations that at most you can call "sideways" and nothing more. bitcoin will remain within $9500 to $10500 range until the accumulators are ready for the launch upwards toward the $15k mark.

Seems like everybody is waiting for the effect but So far this Bakkt's future launch is having a little effect on the market.
Bitcoin price now is moving around $9800 to $10000. I guess the effect of Bakkt trading will be seen in much longer time period.

Only the idea was published, do you know how complex it is to launch such a project? It is completely unrealistic to expect that FB can get all the necessary licenses to run its own currency, and US policy made it clear that it would defend the dollar at all costs. If Libra does not get the green light in US, we can say very clearly that this is a failed project. Libra and Bitcoin never had anything in common, direct relation some people see is only the result of their ignorance.

Your opinion that something which does not exist at all ( and maybe it never will) can become serious competition to Bitcoin is at the very least ridiculous. How any stable coin pegged with fiat currency can be competition to Bitcoin which is a decentralized cryptocurrency?


Bakkt is about Bitcoin futures that are physically deliverable, and that means that the payments will be made in Bitcoins. But it seems that they had filled their bags long before, so the effect of the launch itself means nothing in terms of price.

https://www.cnbc.com/2019/09/23/nyse-owner-ice-launches-deliverable-bitcoin-futures-contracts.html

Bitcoin and its surprises, I just felt that coin can be so unpredictable when the day of launch was approaching. I believe its a distraction for the end of the year baby bull run. We could see a surge by Oct-November towards the year end. Its a manipulative measure for whales to acquire more from the market.

Price falls because those who were expecting to get rich as soon as Bakkt launches are panic selling.

You got bakkted, losers.

End of the year baby bull run? Better prepare for the halving bull run...

Why would anyone be surprised after a decade of price fluctuations like these?

In the long run, its been climbing fine. The year started at like 3k~4k, its still quite good.

Why suddenly judge? price fall, that's normal, we've seen this big fall even before Bakkt so we can't blame that to Bakkt launch.
The thing is, most of the investors always think of the short term, that's why they easily panic without realizing the norms in the market that it's volatile and pump and dump are happening, so calm down and relax, price will again correct and we will be seeing it again at $10K.

Perhaps, this is just another adjusted of the price that always happens before the price can increase so high. Usually, if the price is down too deep, the price will be running to a higher rate. So we can expect and hope that the price will be on another bull run that could happen in anytime so if we can use this time to buy bitcoin, we will see a bigger profit later. You don't have to buy bitcoin again if you think that the price will go down deeper than now because that will depends on how we analyze the price and the trends. But I guess that people will still buy bitcoin at now because they see that now, they see an opportunity to get bitcoin at a low price.

Whenever there is drop in the price it gets related to something. This time this is being related with the Bakkt launch. Everytime the price drops there won't be any prior indication, it all happens suddenly and further on there will be more analysis on the same. This makes people to relate it to the events scheduled close to the drop.

Week ago when there is drop in price, it was predicted if the resistance level of $9500 gets broken we'll see the price falling low to $8000. By that time the price reached $9500 and bounced back reaching $10200 in a short time. This time that prediction has come true, the price first dropped to $9500, further it has fallen to $8500 very soon.

Get used to it mate, not all good news inside the crypto sphere makes the price soar high. Actually, the sad truth is that FUDs are stronger market influencers compare to good news/adaptation like this :(. Besides, the news about Bakkt is no longer fresh. It already lose its hype after its postponement beforw and maybe that is the reason why people seems not interested to it anymore.

I don't think that price fall has anything to do with Bakkt, I would say it's pure coincidence.
Although many expected just the opposite, that Bakkt will bring price rise. However there is no need to be worried or to panic, it's nothing unusual about this price correction, it's just part of volatility so don't look for conspiracy theories.

Nothing new here, just whales manipulating the market again using the fear over bakkt :D the final target is getting more btc cheaper.

Be prepared for some BTC discounts

If you are about to sell any BTC atm.. do it and exit.. otherwise buy or hodl.

Many expected Bitcoin price growth after the launch of Bakkt. Perhaps investors are exploring how Bitcoin futures work and are waiting for an attractive BTC price to buy a lot and than go Bakkt platform, who knows ??? ??? ???

Unexpectedly, many people thought that with the launch of BAKKT, the price of Bitcoin would increase dramatically, but the opposite happened, the price of Bitcoin plunged freely, I also think that this is just a price correction for the next price increase where I am sure the price of Bitcoin will reach $ 15,000 by the end of this year. So keep calm.

The fall of Bitcoin by 15% per night was a big surprise. I can not find an excuse for this, because it was extremely unexpected after the launch of Bakkt. Looks like this is the beginning of a bear market.

Apparently the opinions of people and major players diverged. We hoped for Bitcoin growth, and as a result, the launch of Bakkt led to a bear market. Sad :'(

Do you think that there will be a rise in Bitcoin? Although if you think about it, the price is too attractive to buy coins at a 'wholesale price' and make money on Bitcoin futures

Apparently Bakkt was not as attractive as we expected. Investors have sluggishly shown interest in bitcoin futures, or maybe they are only studying how it works and whether it has a profit. But we have a fact bitcoin has fallen and we are on the verge of a bear market

Until now, in the information space a lot has been expressed about expectations regarding the trading of Bitcoin futures.  Many analysts predicted an active increase not only in Bitcoin prices, but also in the entire cryptocurrency market.  Perhaps what is happening on the market today is primarily the manipulation of speculators and big whales to correct their mistakes before a bull run.

It's funny because people are expecting a rise of BTC, analysts, people in general were sure that the price was going to the moon, but again BTC do it's own terms

As I've been saying, it's time to realize that the price os 10k USD is very good until the end of the year, the 20k USD or 50k USD people are saying, it's far away

Same question in my mind mate BAKKT supposed to bring fortune for Bitcoin but now it seems that falling to lowest is what bitcoin got
Anyway I am also thinking that Whales sabotaged the prices as the capitalization falls high from 270$ billion and now drop to $220 billion and looking for more less because there’s a speculation that the fall will stop the floor at $6,000 level

Maybe it's not the Bakkt's fault but those investors who panic sell because of the current issue of hashrate? Because we all know that Bakkt is good news to us all. Although it's not making the price up now, it will gradually help with the adoption of Bitcoin as it helps more people to join cryptocurrency. We just need to be patient and you'll see those greens again.

If the mainstream investors and the Wall Street giants enter the cryptocurrency market, then they will try to manipulate the exchange rates for their own benefit. During the past two weeks, the prices have crashed by more than $2,000 per coin (~20%), without any solid reason. The only explanation I can think about is market manipulation by the whales.

More than $50 billion was wiped out from the cryptocurrency market capitalization as a result of this crash, with some of the altcoins going down even more than Bitcoin (especially Ethereum and Litecoin). The impact from Bakkt is very difficult to measure, but given the low volumes I assume that it didn't played a very large role in the market correction.

When the price will go low, whales will accumulate. Due to this accumulation, price will then increase. In current circumstances and at current levels, 5k does not seem probable. I am not some expert though.

Usually price goes to the opposite direction compared to what people think.

There's a lot of patience that is needed from how the situations are showing the entire market, the launch of bakkt project seems to have some excitement from the whales and they are really playing smart shaking every weak holders emotions. The downfall can be an artificial which created by bigger holders who wanted to hold more from the cheap value currently showing around.

I don't think it's wrong timing, remember that Bakkt was supposed to go live in 2018, and people have been waiting for this because it's supposedly push the price of bitcoin. However, the opposite happen, and what make it worst though is that the flash crash and others attributed it to the bakkt launching. But we can't really say what really happen or if it really has something to do with whales manipulating the price again.

For me, these all dump seems a corporate coordination by some big whales of institutional investors. Whenever I see a big and a quick dump like this, I just smile becuase it may just almost double again. Only the heart remains unshaken.

As we see, Bakkt affected the prices, and after its launch, Bitcoin and most altcoins went down. Suppose it will not last for a long time, and the market will go up again as it used to do always in situations similar to today's one. I guess there is no one reason now to sell any token or BTC you hold. Probably, the down line will last longer this time, and everyone needs to be very patient.

As I can see with it, bakkt really affected the price of bitcoin, and when bitcoin decreased its value the crypto price was also got
affected by Bitcoin, this was just happened instantly after Bakkt launched has been held. But according to some bitcoin experts, it will goes down more
til 7500$ then by October it will bounce again at 16000$ each bitcoin, so hold my friend and buy now while the price was still at low value.

its a big question is bakki affected to btc price or someone else playing the game.may be its some big companies dumping btc price and collecting more and more btc from weak hands i sow some article said some country considering adding btc to there treasury collection

If this is for real then the whole market is a mess, If that's the only chance for the BTC price to rise, then, it's almost impossible for us to see the $10k mark again. only if your statement was true. but seeing the market now your statement is not a rumor anymore. since has fallen from $10k to $8k, it didn't rise again to $9k. as of now BTC and the other Altcoins are having some hard time to recover again. All red!!!

https://i.ibb.co/cLNCDXN/Screenshot-1.jpg

Guys, did everyone really think that launching BAKKT would be an instant bomb for the growth of the Bitcoin exchange rate? This is a huge step for the entire crypto community,  for the entire cryptocurrency ecosystem. But in my opinion, this event should now strengthen a certain platform from which further ascent will begin. And we will still see volumes, there is no doubt about it.

BAKKT absolutely can not be the blame, the fall of the btc occurred for another reason

Sure bakkt keeps a lot of people from taking bitcoin as serious as we'd like. the need for "physical" BTC will eventually means that demand and price will increase. The thing to watch with Bakkt is volume. If the volume is high, eventually the price will rise even if the contracts are being used primarily to short. In my opinion Bakkt was disappointing the first day with only 73 contracts/BTC, but I think it will start gaining volume as the time goes by. Yesterday it made 142 contracts and today already 155.

golden and many people are still hoping for such news and ignoring the reality.

Many of the news's assumptions are related to the price of bitcoin, although in the end it does not affect anything at this time of the downtrend. This is why bitcoin cannot be predicted from just news. because there are many moments like this and still do not have a significant impact to crypto market.

BAKKT is taking the world towards a new economy. Maybe this is a reason behind this big fall of price globally.

To be honest, BAKKT is basically offering a platform which completely centralized as BAKKT is future Bitcoin Index price offering stock exchange and custody for digital assets and still testing. Also waiting for regulations.

I too had high hopes that BAKKT will pull the price up just when its going to be launched. Sadly it didn't happen. There were talks that its just too hype and the excitements of the trader were now gone after its launched postponed several times.

Bakkt they said will bring more investors in crypto including those finance firms but then again, they were already here in crypto long before BAKKT.

I must admit I thought the price was going up after BAKKT launch but apparently it's going down. It just needs a few more months before we sky rocket to the moon.

why most people attributing btc fall with bakkt lunch? btc has falling so many times in the past and come back strong or more stronger, all that while bakkt was not lunch or in existence, the only thing bakkt did wrong is lunching at a not so favorable period,
bakkt is not the reason for this fall. it was time for the market to do some corrections.

I guess we got tricked by influencers. They kept saying that the institutional investors are coming. When we realized that it is not that high demand, price dropped. Now we are back to normal and bitcoin will follow its normal path.

But something intrigues the correction, bitcoin price drop $2000 within 2 days? something fishy must be going on somewhere, and the time was right with Bakkt futures launched. So, people speculate that bitcoin price suddenly spikes in May-June 2019 because of Bakkt bought bitcoin to store in their warehouse, and when the time it's officially launched, they purposely sell bitcoin maybe to lure investors to join in the game due to Bakkt bitcoin futures contract is different from other cash-settled bitcoin futures as Bakkt have physically-delivered bitcoin.

I still doubt it because until now, there's nothing happening on the BTC price movement, it's getting lower and lower.


The current price of 1 BTC is 7981.51$ and still going lower when the time goes by. So the real effect of BAKKT was the opposite? do they really intend to this and it's their hidden goal?

The failure of bakkt has been felt around the cryptospace and those who are saying otherwise are just fooling themselves into believing it had nothing to do with the price falling over 25% since its launch exactly one week ago at around this time.
We have a thread which has some serious discussion and viewpoints of others who wanted to weight in its outcome so far. Both the good and the bad. Even though I haven't seen much good come out of it just yet.
Comment on it and you might get the answer you seek from the very informative group who have viewed the thread thus far.
https://bitcointalk.org/index.php?topic=5186550.60

Neither do I, let's be honest here, we all ready know how btc price operates from time to time, if you think this price dump was as a result of bakkt been lunch few days ago, then how would you attribute the price dump of $3k? Was that because of bakkt too or all the previous price dump,
the only thing I see is disappointment from those who where expect a price pump with the coming of bakkt but since that did not happen, it result to the blame game,
Who knows if bakkt was not lunched at this time btc will still dump in price and nothing to be blame.

Bakkt has become a kind of provocation. It seems to me that small traders who believed that the Bakkt will become a key point for the growth of Bitcoins have suffered. This is a very sad situation because so many people have lost money.

well.. it looks like it went down because of the cme bitcoin futures.. price manipulation as always. https://www.tradingview.com/symbols/BTCUSD
i already think this idea with bitcoin futures or etfs is not the best, cause big money can push the price where they need

It's because BTC was already showing signs of bearishness even before the launch of Bakkt. Moreover I think these days news have pretty less impact on the price of BTC. Most of the price elasticity of BTC is due to the big whales dumping and pumping. Moreover talking about Bakkt bitcoin futures they aren't really showing any significant volume or trade-ability. Nobody seems interested in them. Moreover some people argue that the Dump was due to the delaying of ETF decision made by SEC recently. So I think price just goes it ways around and people then try to find excuses for that.