WSJ SAYS BAKKT IS COMING, BUT IS THIS MORE MANIPULATION?

[Goldleader]

The Wall Street Journal has delivered beleaguered Bitcoin holders an early Christmas present by revealing that Bakkt, the Starbucks and Microsoft backed Bitcoin futures venture, is set to receive regulatory approval. This represented its final hurdle before launching in January 2019. The Journal, which has never been cryptocurrency’s biggest fan, claims that the platform is “expected to soon get regulatory approval”, although it cites no sources for this information, and indeed mentions nothing further about the promised approval in the rest of the article.

Given the suspicion around Wall Street’s involvement in helping grind the price of Bitcoin down to current levels this year, the combination of a bullish headline with little substance just at a time when Bitcoin is staging a recovery might have the same undertones. Indeed, some have already come to the conclusion that this news is just another attempt at manipulation.

CFTC Negotiations
The Journal claims that the company behind Bakkt, Intercontinental Exchange Inc (ICE), has been working with regulators at the Commodity Futures Trading Commission (CFTC) in recent months in order to ensure it is in compliance with CFTC regulations. The CFTC is expected to vote in early 2019 on whether to approve the project, with the public then offered 30 days to respond, much like with the recent ETF applications. Bakkt has already been delayed twice, but approval from the CFTC should help them meet their latest deadline, January 24, 2019.

Hopes Remain High for Bakkt Bounce
Bakkt CEO Kelly Loeffler stated last month at Consensus that Bakkt was working with Starbucks to find a way for it to accept cryptocurrencies, principally Bitcoin. Seeing as the ubiquitous ‘coffee shop purchase’ remains the key test for cryptocurrencies to go mainstream, Bakkt’s off-chain transaction method represents the best chance cryptocurrencies have yet seen of mainstream everyday adoption.

Hope remains high that Bakkt’s launch, and possible collaboration with a global monster like Starbucks, will have a positive effect on the market, although many remain wary of it being a false dawn resulting in a resumption of the bear market once the hype has died down.

https://www.bitstarz.com/blog/wsj-says-bakkt-is-coming-but-is-this-more-manipulation?fbclid=IwAR0OQvh46LNASvOYxHSy7cR7qWQ7zxzhKGMlWQUjInwDkADzNRWqPt1Tk30#.XCCLKMjWG6g.facebook

[sinkfish]

we shall see how it will work out when its live.

[dewildance]

They always find something to expect. Before Bitcoin futures, then ETF
and now BAKKT.

Let's see what will happen after BAKKT.

[HODL2090]

although many remain wary of it being a false dawn resulting in a resumption of the bear market once the hype has died down.

That is assuming we would be in a bear market at that point in time.
Bakkt targets adoption, which is a long term approach and would build a solid community for bitcoin and increase value further down the road.
This is just a platform, different from the bitcoin Network, and it can not dictate the market value of bitcoins.

[tdrinker]

I don't think it is directly a manipulative move. After all it is just a channel to buying BTC. If in the end more BTC ends up in institutional hands then there could be some concerns around manipulation but we already have that as it is.

[ecnalubma]

Lets expect the worse but its a healthy correction for institutional investors. Maybe the institutional investors are the one responsible of these present pumps but lets not forget that this is part of the cycle and these are necessary steps in order attract new investors in the space.

[dothebeats]

We won't know until the platform is live, but I'm inclined to think that there would indeed be some sort of manipulation that will happen just like the previous platforms that went live. While regulatory committees and bodies aim to subdue market manipulators, they can still get things done and be unnoticed in the midst of all the organic trades that are happening around them, so Bakkt IMO isn't a platform where manipulation would cease to exist--even future platforms IMO would have its own manipulative entitie and this will not be resolved any time soon.

[pooya87]

it would just be timing. of course it is also affecting the market if enough people start waiting for Bakkt to come then buy into the rise but one thing is always certain, bitcoin does not need Bakkt, ETFs, regulations, government, banks,... and it will continue rising specially without them because that is how it is designed!
this current drop may as well be because of the upcoming rise, since before every rise there is a manipulation and accumulation.

[joseyphil82]

Bakkt incoming? That's better for a new year if that actually happens it will help cryptocurrency in general ,we will be bit pump in price and after stability of price will follow ,we've been waiting only to get postponed but hope it happens this time

[Red-Apple]

Wall Street Journal like many others weren't specifically negative about bitcoin to want to reverse now. they were mostly going with the flow and were positive during rises and negative during dumps.

as for BAKKT it think most of it is just hype and when it starts operating we will see a short term rise because of it but not much else. in the long run it may help with the adoption but as far as rallies go, i don't see it being the reason for it. the rally will come regardless of BAKKT.

[KingScorpio]

starbucks and microsoft backed bitcoin futures? who cares...

why no microsoftcoin or starbuckscoin?

[Kakmakr]

Bakkt will just be another financial instrument that would be regulated in such a way that it would favor the rich elite that knows the loopholes in the current financial system. I also think this will give these people a huge tool to manipulate the Bitcoin price and the institutional capital bring even more volatility in the Bitcoin price. 

Yes, some early adopters and current Bitcoin hoarders will benefit from this, but it is a huge price to pay for some short-term profits. 

[coinwizard_]

Bakkt is not going to be part of any manipulation but one of the reasons for the next pump. The whales might take advantage of the situation, most likely a pump before it comes out followed by a dump on the actual day of release

[amirshaf]

Firstly Etf came to the trading platform and now BAKKT is came to this platform to trade they want to manipulate market to buy bitcoin in lesser price levels.

[allthingsluxury]

Know that the MSM are puppets of the big banks and the big banks hate Crypto in its current form. They want to co-opt it and create their own monster.

[deep4u]

Manipulation is now days is common in cryptocurrency market and this big people just want to get Bitcoin cheap and trying keep Bitcoin price low so then accumulate more bitcoins easily. Hope it ends sooner so we can see Bitcoin prices grow freely and naturally like before.

[coinwizard_]

Bakkt is certainly coming but sadly there is still nothing confirmed yet. Just get your money ready for action, as soon as they make an announcement you need to be ready before the manipulators do their pump and dump thing

[CryptoBry]

Bakkt is certainly coming but sadly there is still nothing confirmed yet. Just get your money ready for action, as soon as they make an announcement you need to be ready before the manipulators do their pump and dump thing.

BAKKT can be happening soon and I hope there would be no another delay this time. I am sure there can be an immediate jump on the market especially with Bitcoin and we know that where Bitcoin is going so is the rest of this fledgling industry. However, as to the question whether BAKKT can result into a long-term positive effect on Bitcoin that remains to be seen as there is a possibility that things will just be temporary. The market right now is making a very good dip and can be a big opportunity for anyone to enter Bitcoin but many people are just watching on the sideline since nobody can be sure when and where is the real bottom for Bitcoin. Barring no great news to excite the market, I am sure we can be experiencing the bearish feast for a longer time.