Bakkit Update

[Kemarit]

I'm sure everyone is excited to see Bakkt Bitcoin future contracts going live. But if you wanted to see or read the latest update, I urge you to follow their official medium account, updated by their CEO, Kelly Loeffler. They posted an updated 2 days ago:

snippet:

Over the last year, we’ve worked closely with the Commodity Futures Trading Commission (CFTC) on an extensive process to obtain regulatory approval for the launch of our physically delivered bitcoin futures. While we’re not yet able to provide a launch date, we’re making solid progress in bringing the first physical delivery price discovery contracts for bitcoin to the U.S., where price formation will occur in federally regulated, transparent markets.

https://medium.com/bakkt-blog/progress-report-9ac2c519d262

Yeah, I know most of you grew tired of hearing when it's going to be approved because we believed that institutional money will flow to the market and push the price. So instead of just looking at crypto media for updates (most of them are just FUD or putting news without validation) just visit their blog from time to time and see how it goes.

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[Kasabus]

That's true, thanks for sharing that.

Usually I see news from different sites, like https://cointelegraph.com/ but you have a point here, because with their own blog, we can
ensure that we will get a correct and updated report. Also, I would like to site something, some people are just lazy, they want instant news, one platform that gives all the news they needed, the site that I shared is just one of the many, and it's just my choice to look at that site for news.

[Yaunfitda]

So it looks like they are really trying their best, working from behind to really get the BAKKT offering underway in the next couple of months perhaps.

But still, the final decision should come from Commodity Futures Trading Commission (CFTC) themselves, so it's beyond their control. Just look at the recent Bitcoin ETF proposal, it was pushed again by SEC (Bitwise with NYSE Arca and the other filed by VanEck/CBOE).

They worked their ass off and fully comply, putting their best effort, but still it was denied. I'm not saying that CFTC will deny the BAKKT proposal, but I wouldn't be surprised if they will deny it.

[shirackjs]

Thank you for sharing. Official sources are the best place to get accurate news and updates. Will be following this blog. I understand that Bakkt launch will definitely take time, it is fine to wait for good stuffs.

[Kakmakr]

I think people must understand what physical delivery bitcoin futures contracts are, so here is a short explanation  : " You trade 1 day Bitcoin futures contracts on Bakkt, and they are settled the next day in Bitcoin. i.e. you get physical Bitcoin in your Bakkt account equal to your holdings in futures contracts from the previous day at the start of each trading day. "

https://cryptocurrencyfacts.com/2018/09/19/bakkts-physically-delivered-bitcoin-futures-contracts-explained/

This explains the spike in the price, because we know there will be a significant injection on the demand side for bitcoins now.  

[hugeblack]

With ongoing reports of crypto market manipulation and security concerns,

What I like is that the problems in cryptos are to manipulate prices and security concerns, not that they are used to finance terrorism, drugs, gamble, or just a bubble.
I am not much interested in BTC-based contracts and it is better to make the market decentralization and transparent away from trying to control the central platforms and big whales.

Thanks for sharing these links, at least to have official central platforms that give us news with those that give FUD will give the user the ability to distinguish the truth from the fake.

[Haunebu]

I think people must understand what physical delivery bitcoin futures contracts are, so here is a short explanation  : " You trade 1 day Bitcoin futures contracts on Bakkt, and they are settled the next day in Bitcoin. i.e. you get physical Bitcoin in your Bakkt account equal to your holdings in futures contracts from the previous day at the start of each trading day. "

https://cryptocurrencyfacts.com/2018/09/19/bakkts-physically-delivered-bitcoin-futures-contracts-explained/

This explains the spike in the price, because we know there will be a significant injection on the demand side for bitcoins now.  

This makes sense. I wondered why the market was rallying and it seems like this is the legitimate reason behind it(Not ETF etc). Honestly, I was surprised to see the market rallying currently.

At present, BTC value is holding steady at around $4.6k and I am expecting it to rise back above $5k if the demand picks up in this case.

[alisafidel58]

This makes sense. I wondered why the market was rallying and it seems like this is the legitimate reason behind it(Not ETF etc). Honestly, I was surprised to see the market rallying currently.

At present, BTC value is holding steady at around $4.6k and I am expecting it to rise back above $5k if the demand picks up in this case.

Earlier I was also wondering what was the cause of the sudden price hike in the market until I saw that news I can confirm that BAKKT is the cause of it.

I don't think it will Hit $5,000 as the correction is now being placed.

[DreamStage]

That would make much more sense and give a reason explanation to the sudden price rise.

As for 12 months was holding steady around the $4000 and suddently boom goes up to $5100.

I also tought it would be something related with latest government activies, especially the pension funding using cryptocurrencies.

[btc_angela]

This makes sense. I wondered why the market was rallying and it seems like this is the legitimate reason behind it(Not ETF etc). Honestly, I was surprised to see the market rallying currently.

At present, BTC value is holding steady at around $4.6k and I am expecting it to rise back above $5k if the demand picks up in this case.

Earlier I was also wondering what was the cause of the sudden price hike in the market until I saw that news I can confirm that BAKKT is the cause of it.

I don't think it will Hit $5,000 as the correction is now being placed.

We don't know that. Yeah at present its holding around $4.6, so it can go either direction and I hope that the price will go south and expect a rise to $5k. So I guess everyone is very happy to see the sudden spike and crossing their fingers and see that the price could be at least sustained up to the end of the week.

[cryptjh]

I'm sure everyone is excited to see Bakkt Bitcoin future contracts going live. But if you wanted to see or read the latest update, I urge you to follow their official medium account, updated by their CEO, Kelly Loeffler. They posted an updated 2 days ago:

snippet:

Over the last year, we’ve worked closely with the Commodity Futures Trading Commission (CFTC) on an extensive process to obtain regulatory approval for the launch of our physically delivered bitcoin futures. While we’re not yet able to provide a launch date, we’re making solid progress in bringing the first physical delivery price discovery contracts for bitcoin to the U.S., where price formation will occur in federally regulated, transparent markets.

https://medium.com/bakkt-blog/progress-report-9ac2c519d262

Yeah, I know most of you grew tired of hearing when it's going to be approved because we believed that institutional money will flow to the market and push the price. So instead of just looking at crypto media for updates (most of them are just FUD or putting news without validation) just visit their blog from time to time and see how it goes.

This is the closed I have got to an explanation about last nights BTC price rise, without this news, actually gave any news about any Bakkt Bitcoin future contracts starting date.
Another thing that has happened in the last few days is that the Bitcoins bear market resistance line seems to be broken, this alone can be enough for people to buy back into the market.

[Nadziratel]

Over the last year, we’ve worked closely with the Commodity Futures Trading Commission (CFTC) on an extensive process to obtain regulatory approval for the launch of our physically delivered bitcoin futures. While we’re not yet able to provide a launch date, we’re making solid progress in bringing the first physical delivery price discovery contracts for bitcoin to the U.S., where price formation will occur in federally regulated, transparent markets.

https://medium.com/bakkt-blog/progress-report-9ac2c519d262

Delay, delay, delay... I can't count anymore. Bakkt sold it fake news the markets over and over again. It is unreliable anymore. If I were investors, I never would invest or join their platform. They are trying to create a great platform but they've not prepared for it such a long time. Obviously, it is not related with preparation. They are waiting bull season.

I definitely don't recommend to invest in bull season like this futures. Trading will be definitely more profitable.

[proTECH77]

I think people must understand what physical delivery bitcoin futures contracts are, so here is a short explanation  : " You trade 1 day Bitcoin futures contracts on Bakkt, and they are settled the next day in Bitcoin. i.e. you get physical Bitcoin in your Bakkt account equal to your holdings in futures contracts from the previous day at the start of each trading day. "

https://cryptocurrencyfacts.com/2018/09/19/bakkts-physically-delivered-bitcoin-futures-contracts-explained/

This explains the spike in the price, because we know there will be a significant injection on the demand side for bitcoins now.  

Had never understand it the way you explained, will ensure to follow their social medias to get the first hand news from them. This will definitely make Bitcoin demand rise and investors will troop in which will trigger Bitcoin bull run. Hope that, they be sincere in all their dealings and never involve them-self in data manipulation or fake data.

[Bitinity]

Over the last year, we’ve worked closely with the Commodity Futures Trading Commission (CFTC) on an extensive process to obtain regulatory approval for the launch of our physically delivered bitcoin futures. While we’re not yet able to provide a launch date, we’re making solid progress in bringing the first physical delivery price discovery contracts for bitcoin to the U.S., where price formation will occur in federally regulated, transparent markets.

https://medium.com/bakkt-blog/progress-report-9ac2c519d262

Delay, delay, delay... I can't count anymore. Bakkt sold it fake news the markets over and over again. It is unreliable anymore. If I were investors, I never would invest or join their platform. They are trying to create a great platform but they've not prepared for it such a long time. Obviously, it is not related with preparation. They are waiting bull season.

I definitely don't recommend to invest in bull season like this futures. Trading will be definitely more profitable.

Probably you are right that they are waiting for the momentum which is the bull season. I'm not an investor of this platform but I follow the updates although not so frequently. I'm just curious what will they do next, but saying "we are not yet able to provide a launch date" sounds that  they are giving a big promise to investors without a good plan. CMIIW

[BrewMaster]

This explains the spike in the price, because we know there will be a significant injection on the demand side for bitcoins now. 

considering this news is old and also the post in OP is saying it was from 2 days ago i wouldn't really link this rise with that news. not to mention that we didn't hear about it that much. usually when a rise is linked to a news, the rising actually starts before the news comes out and after it is out the shoot up begins. not 2 days after

[Kemarit]

This explains the spike in the price, because we know there will be a significant injection on the demand side for bitcoins now. 

considering this news is old and also the post in OP is saying it was from 2 days ago i wouldn't really link this rise with that news. not to mention that we didn't hear about it that much. usually when a rise is linked to a news, the rising actually starts before the news comes out and after it is out the shoot up begins. not 2 days after

I was about to say that,  . I'd just share the news to everyone so that they won't fall for any FUD about this whole Bakkt proposal. But damn, when I posted it the price suddenly shoots up to $5000 (but eventually settled at $4600).  . Yes, the update was 2 days old so obviously, nothing whatsoever that influence today's price, just coincidence. We need to understand more, what could have made the bulls wake up, flock together and looking for a bull-run. 

[Beerwizzard]

This update is not really an update. While following multiple crypto related projects  I've seen many of them saying that they are working hard and soon people will get a result but then they are closing with different reasons. Now I would require some details if someone want me to believe that something is going to be released soon.

[qwertyup23]

I've been waiting for news and updates regarding the launch of Bakkt platform. I mean, they are the first in franchise to deliver a physical contract to buyers/sellers. Furthermore, they also partnered with Starbucks with an equity deal and this implies that the former MAY accept bitcoin for their products or they can have an exchange directly at the counter.¹

Nevertheless, I think everyone is indeed excited for the upcoming Bakkt platform. This can affect the price drastically and this gives everyone the opportunity to have high-returns and profit margins but the only question is WHEN would it be implemented.

[1] https://cointelegraph.com/news/coffee-for-bakkt-starbucks-equity-deal-will-see-crypto-based-payments-source-claims

[Betwrong]

This explains the spike in the price, because we know there will be a significant injection on the demand side for bitcoins now.  

considering this news is old and also the post in OP is saying it was from 2 days ago i wouldn't really link this rise with that news. not to mention that we didn't hear about it that much. usually when a rise is linked to a news, the rising actually starts before the news comes out and after it is out the shoot up begins. not 2 days after

But I still can't understand why this news couldn't be one of the main reasons for the spike. This news was twitted by Bakkt, which has over 81k followers



and was re-twitted hundreds of times and got 1.4k likes.

I think some people could decide that "better be early than sorry later", and hence the effect on the market.

[dothebeats]

Their mini update was somewhat timely to the recent price surge we have had earlier this day so, coincidence?

Anyway, what I like about Bakkt is they are constantly trying to keep folks updated even if they don't have a definite timeline. I myself have lost interest in Bakkt for months now though I still see that they are determined in getting their platform polished up to the last part. Perhaps CFTC would give them a break this time and let things pass, and I believe that this time, they would be succeeding for the platform.

As for the price rise, it was a spectacle to watch, though the reasons up until now remains to be known.