Bakkt

[seradj0]

Hey there,

I guess every one hear about Bakkt launch
it will launch two physically delivered bitcoin futures contracts (daily and monthly futures)
what impact can we expect from this !!!?? bullish or bearish 

[exstasie]

Hey there,

I guess every one hear about Bakkt launch
it will launch two physically delivered bitcoin futures contracts (daily and monthly futures)
what impact can we expect from this !!!?? bullish or bearish 

It's hard to see the launch being a bearish catalyst. After all, it's a new platform that allows for institutional investment......how could that be perceived by the market as bearish? Plus, the launch will be around the 3-month mark since this bearish correction began. By then, I believe time will be running out for this downtrend.

Bakkt seems really confident they are launching for real this time. So given the timing, it could act as a bullish catalyst. It's probably either that or a total nothingburger.

[gentlemand]

I think nothing will happen. It won't create a pump. These things never do. Buyers are either bored or worried right now. One single service launching does not magically turn sentiment around.

A service like Bakkt should enhance the expression of the prevailing sentiment. It sure as shit doesn't create it.

When it's bubbly it'll magnify that bubbliness. When it's beary it'll do the same the other way.

[ololajulo]

I wont be surprised if there are no reaction in the market, the big launch kicks off with sept 6 warehouse deposit, It is enough to cause pump in the market some years back but nothing seem to be happening. we are wondering where the rise will come from this time, maybe not with news and festive season.

[Kemarit]

I wont be surprised if there are no reaction in the market, the big launch kicks off with sept 6 warehouse deposit, It is enough to cause pump in the market some years back but nothing seem to be happening. we are wondering where the rise will come from this time, maybe not with news and festive season.

So we still have to wait on September 6 before we can say that it won't do any good in the market. And perhaps with the current price (cheap, below 5 digit), this could somewhat re ignite and could be the boost to see the price going around $13,000 again so it's too early speculate. Usually, investors buy the news so there is a chance than in the next 5 days we could see a pump because of the Bakkt anticipation. Yes we grew tired hearing about it, but this is the time now, let those institutional money flow into the ecosystem.

[1Referee]

Speculation wise, people are over Bakkt already. They want to see it go live and turn over some impressive amounts.

Bakkt has done all the buying of Bitcoin already, so people shouldn't expect them to influence the price in any shape or form. Only if there turns out to be so much demand, and for that reason have to start buying Bitcoin again, it might have some impact on the OTC market, but then again, with how liquid that market is I doubt it will reflect on the spot market at all.

It's funny how Bakkt on the same day of the correction from over $10,000 to $9300 they Tweeted that they will start offering secure storage of customer's Bitcoin to prepare for the launch on September 23. They for some reason always make announcements just before/after a significant price movement.  

[arpon11]

I wont be surprised if there are no reaction in the market, the big launch kicks off with sept 6 warehouse deposit, It is enough to cause pump in the market some years back but nothing seem to be happening. we are wondering where the rise will come from this time, maybe not with news and festive season.

News are not moving the market these days and bakkt may not make much difference! Unlike in 2017 when future trade affect the market much. I think bitcoin is now finding reasons why it should take the next direction outside bakkt’s news and other information. The market has been moving in a range and it has been a bit stable for the past three days now.

[adaseb]

Hopefully it won't be like the Futures launch back in 2017, which in hindsight was nothing more than a "Buy the rumor..sell the news" and made $20K be the biggest bull trap ever. I remember watching the CME (not CBOE) futures go live and I remember seeing lots of trades take place at the $20K and assumed this would hit $25K in no time. And what happened? The exact opposite.

Bakkt might be different since we already have a futures market and we have been waiting for almost a year for it to launch. However unless we get massive volume trading those futures, I don't think it will have much of an effect.

Either way Sept/Oct should be interesting because the markets are usually trading sideways in the Summer. August seems like a very low volume month, so hopefully September is more active and bullish.

[gentlemand]

Hopefully it won't be like the Futures launch back in 2017, which in hindsight was nothing more than a "Buy the rumor..sell the news" and made $20K be the biggest bull trap ever. I remember watching the CME (not CBOE) futures go live and I remember seeing lots of trades take place at the $20K and assumed this would hit $25K in no time. And what happened? The exact opposite.

The bubble was looking for a reason to pop by that point. It settled on the futures launch as the nearest and most convenient hook. I don't really see how the ICO stupidity could've been drawn out any longer but it would be interesting to know how things would have looked without the futures launch.

[seradj0]

since news are not moving the market these days, it is a good sign
hope the market growth the point where hip doesn't appear again, and we see solid growth

I'm not sure if Bakkt has done all the buying of Bitcoin already like 1Referee said here

Speculation wise, people are over Bakkt already. They want to see it go live and turn over some impressive amounts.

Bakkt has done all the buying of Bitcoin already, so people shouldn't expect them to influence the price in any shape or form. Only if there turns out to be so much demand, and for that reason have to start buying Bitcoin again, it might have some impact on the OTC market, but then again, with how liquid that market is I doubt it will reflect on the spot market at all.

It's funny how Bakkt on the same day of the correction from over $10,000 to $9300 they Tweeted that they will start offering secure storage of customer's Bitcoin to prepare for the launch on September 23. They for some reason always make announcements just before/after a significant price movement. 

[Red-Apple]

what impact can we expect from this !!!?? bullish or bearish  [/left]

why would it be bearish?! everything about this is bullish or worst case scenario is that the market will be indifferent about this news!
besides, with bitcoin getting ready to have a big rise soon, this news can only act as the fuel to that upcoming rise. so the coincidence alone makes it a big bullish move. so we probably will see $20k get closer this year.

[Lucius]

Bakkt is something that has been dragging on for too long, people don't take this too seriously because of all the delays, and who can say there won't be another delay?

There is generally nothing negative in Bakkt, it's just a question of whether the whales seize this opportunity to launch some major pump, the truth is that they have accumulated large amounts of coins, and that possible launch of Bakkt may be something that will run things upward.

Some things will be much clearer in about 3 weeks, but for those who are buying, now is the right opportunity, perhaps the best by the end of this year. Unless you trust some members who are saying that price is going down to $8k in next 4-5 days.

[leowonderful]

I really don't find the launch of Bakkt to be extremely bullish either; it's been known for quite some time, and whatever effect it might have on the price of BTC is potentially already priced in. Still buying through DCA and I've got orders stacked at 8k and below in case we ever get that low though. Any break from this sideways movement we've been having recently would be good .

[Torque]

BAAKT will be exactly how the richy-rich whales, very discretely and very quietly, drain the float on every major exchange.

It may take some time.

But then after that, watch out.

[Wilhelm]

BAAKT will be exactly how the richy-rich whales, very discretely and very quietly, drain the float on every major exchange.

It may take some time.

But then after that, watch out.

Drain the float? Is this good for us?

[el kaka22]

It depends on the situation we are in when it launches. If we are in a bear movement then it will not stop it because its not big enough to make a difference in a bear market when everyone is selling. However, if we are in a bull situation then it will definitely help because even a single dollar helps during bull, if it is on a bull run then it will just have a little bit more help with the buys and long futures and money coming into the market.

So, at the end of the day we have to be ready for it when it comes out, if we are not ready and in panic sell mode at the same day then we can't take advantage of something this valuable, in order to take advantage of it we need to push for some bull run and make sure people are not selling too much that day and Bakkt has to do whatever it takes to help us as well.

[exstasie]

Hopefully it won't be like the Futures launch back in 2017, which in hindsight was nothing more than a "Buy the rumor..sell the news" and made $20K be the biggest bull trap ever.

Doubtful. The timing is very different now. We're in the early stages of a bull market, not the parabolic/late stages like in late 2017.

Plus, I doubt anybody bought the rumor this time. The "buy the rumor" stage was like a year ago, when Bakkt first announced they were launching. Those buyers already got washed out of the market during last year's crash. Nobody cares about Bakkt anymore, not until they launch for real anyway.

[cryptokwuk]

Expect a big fat dump on the market.
They are opening up early for bitcoin deposits.
So when it opens for trading later this month, all that is available on that market is hundreds of thousands of BTC and little fiat.

[The Sceptical Chymist]

When it's bubbly it'll magnify that bubbliness. When it's beary it'll do the same the other way.

I'm wondering how bitcoin's price is going to be determined in the future--right now people look at preev or the price on a specific exchange.  I think it's quite possible that a futures exchange could actually make the price that gets quoted, much like how a stock's price is determined by its trading on a specific stock exchange or how the price of gold comes from the trading of "paper gold". 

I think that would depend on how much volume Bakkt does.  If they end up dwarfing an exchange (or a combination of them) like Binance, Coinbase, or Poloniex, it certainly could be possible.

Anyway, I don't think the effect will be zero if Bakkt launches.  I'm pretty sure there's a lot of institutional money just waiting to get into crypto, money that can't right now because of the relatively small market caps of bitcoin and the bigger altcoins.  I honestly don't have a clue how the markets are going to react, but it'll be damn interesting to see what happens.

[gentlemand]

If they end up dwarfing an exchange (or a combination of them) like Binance, Coinbase, or Poloniex, it certainly could be possible.

If I were professional money the idea of going to Binance would be laughable. Poloniex are getting more amateurish and weedy by the day. Coinbase make the most sense but they're still nobody minnows compared to the people behind Bakkt.

But it's BTC and most of the money floating around out there only wants more USD. I'll be very interested to see what the take up is. It may all stay with CME dollars.