Bakkit Update

[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

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.

technically you are correct. this is a big news, and it has been spread enough time to enough people that could have led to a price rise because of the positivity.
but historically price has always risen the way i mentioned above (hours before the news and then majorly right after it). there has never been a time where some positive news comes out then days later price moved.

so in this case if this news were to cause a spike it would have done it on 29th instead of today (4 days later)

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[shamc]

There was a choice of wait and see what happens when the bakkt gets approval, or get first move advantage by buying now and enjoy the price rise. Smart people bought bitcoin yesterday!

[Yaunfitda]

There was a choice of wait and see what happens when the bakkt gets approval, or get first move advantage by buying now and enjoy the price rise. Smart people bought bitcoin yesterday!

No, smart people (investor) has accumulate in the $32++ range. Maybe a few people who try to make a profit in the $42++ range in February, but not today. The volume speaks for itself, and everyone knows that when the bull started it run, it can't be stop.

So for those who bought it cheap, then no need to rush and take profit. Just stay cool and wait for more FOMO to come in and push the price to $5k or even higher and be sustainable.

[r1s2g3]

Whoever is thinking that Bakkt will help bitcoin economy is not correct. Bakkt is just trying to ride on popularity wave of BTC.
Why a bitcoin user will like to submit him/herself to more regulation and under more control of agency?
It is just a false speculation that bakkt will help BTC.

[ribowo76]

For me personally, whatever the reason is. I am very happy to see the rise in the price of bitcoin in recent days. And I believe, this will not stop here, gradually. Bitcoin prices will return like 2017

[Jating]

For me personally, whatever the reason is. I am very happy to see the rise in the price of bitcoin in recent days. And I believe, this will not stop here, gradually. Bitcoin prices will return like 2017

Of course, who wouldn't be happy to see the price surge in the last couple of days?

Whoever is thinking that Bakkt will help bitcoin economy is not correct. Bakkt is just trying to ride on popularity wave of BTC.
Why a bitcoin user will like to submit him/herself to more regulation and under more control of agency?
It is just a false speculation that bakkt will help BTC.

Could be false speculation but I'm sure everyone is riding the popularity of crypto nowadays. What we really need to see though is that merchants accepting bitcoin as mode of payment. Not just custodian/no-custodian institutions trying to get their hands on the market to make more money.

[Quickseller]

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

Their update was immidiately prior to the recent surge. I think it is probably fair to say that many people who had USD(t) on exchanges, bought crypto after reading about the update.

Whoever is thinking that Bakkt will help bitcoin economy is not correct. Bakkt is just trying to ride on popularity wave of BTC.
Why a bitcoin user will like to submit him/herself to more regulation and under more control of agency?
It is just a false speculation that bakkt will help BTC.

I don't think it is realistic to think bitcoin will not go mainstream without additional regulation. Ideally, any regulation will be modest and will not impede on users' freedoms too much.

[samcrypto]

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

Their update was immidiately prior to the recent surge. I think it is probably fair to say that many people who had USD(t) on exchanges, bought crypto after reading about the update.

They act too fast on this because they know the market will pump and they have the chance now to take profit. There's still no specific reason for the pump, I guess there has been no specific reason ever seen since the market is just reacting for what they see on the price movements despite of the news out there.

[rahmatullah9305]

It seems that it is very possible that Bakkt can receive approval from the US government in 2019. If that happens, many institutional investors will enter the crypto space and also trust Bitcoin as an asset will increase. The future of Bitcoin and cryptocurrency as a whole will be brighter.

[incomefromcoins]

the whole market sentiment is depending on bakkt update we can expect the bakkt will give a solid foundation for cryptocurrency market in 2019

[talkbitcoin]

Whoever is thinking that Bakkt will help bitcoin economy is not correct. Bakkt is just trying to ride on popularity wave of BTC.
Why a bitcoin user will like to submit him/herself to more regulation and under more control of agency?
It is just a false speculation that bakkt will help BTC.

i was thinking the same thing too although i think Bakkt is going to be effective a little for adoption because after all it is a positive news and can eliminate lots of FUD about bitcoin such as those where banks call it "ponzi".

but in the end this is another centralized company trying to make money from offering services that don't have much of a risk for themselves but can have a lot of risk for their users. and they don't get involved with bitcoin directly either as it is Futures contracts,...

[Betwrong]

Whoever is thinking that Bakkt will help bitcoin economy is not correct. Bakkt is just trying to ride on popularity wave of BTC.
Why a bitcoin user will like to submit him/herself to more regulation and under more control of agency?
It is just a false speculation that bakkt will help BTC.

I disagree. Although you are right about current Bitcoin users, most of them certainly don't need Bakkt because they have been using BTC for years without it, you have forgotten the potential users. Bakkt and similar things can help others, who otherwise would stay away, to join in. I think Bitcoin can have 20 times more users than it currently has, but most of them will not touch an unregulated thing.

[Baofeng]

Whoever is thinking that Bakkt will help bitcoin economy is not correct. Bakkt is just trying to ride on popularity wave of BTC.
Why a bitcoin user will like to submit him/herself to more regulation and under more control of agency?
It is just a false speculation that bakkt will help BTC.

I disagree. Although you are right about current Bitcoin users, most of them certainly don't need Bakkt because they have been using BTC for years without it, you have forgotten the potential users. Bakkt and similar things can help others, who otherwise would stay away, to join in. I think Bitcoin can have 20 times more users than it currently has, but most of them will not touch an unregulated thing.

There could be a lot of investors just waiting from the outside and willing to pour hard cash on the market if ever Bakkt could have been approved. One reason that they are still waiting is that they don't feel comfortable and this Bakkt future contract offerings might sway them to try and invest because of the people behind the said proposal.

[manok jepang]

In my opinion, if the Bakkt platform is fully operational and a Bitcoin futures contract is available, investors will soon get Bitcoin and the Bitcoin flow will also be more consistent. even Bitcoin-based ETF products are expected to start popping up through the Bakkt platform.