Bakkt is coming: will this be biggest crypto week ever and set off bull run?

[rdluffy]

Bakkt may not possibly push up bitcoin price short term but the main point here is bitcoin's potential to become mainstream. Bakkt launching means bitcoin is already legit and acceptable with open arms especially in the US where SEC being always adamant.

I have the same opinion as you, while lot of people are waiting for a bull run at any moment to close the year at higher levels than 10k USD, I belive that the most important benefit will the potential to BTC become more popular and people lose the fear of investing in BTC
The price in a short term is not the most important

[adaseb]

I don't think it will have much of an effect because we knew BAKKT was coming since last Summer. And most people these days probably won't actually use it.

I think the CME and CBOE futures had a bigger effect on the market its because aside from Crypto exchanges it would be the first place where certain retail and institutionals could trade bitcoin. So thats why it created a huge price surge.

The next event that can cause another surge like that is maybe some ETF actually getting approved. However even if that happens its years away and most likely when news comes out of a ETF approval, it will be another "buy the rumor, sell the news" type of event.

Either way, lets see what happens on Monday.

[exstasie]

I am only looking forward to the upcoming halving that will happen next year, I feel like that's when the next bull run will take place.

We have no concrete evidence to back that up.  I know we are counting on that upcoming halving, but it's possible that nothing will happen.  Look at Litecoin's last halving event, nothing happened.

Litecoin got its halving pump, just not when everyone expected it. Look at LTCBTC's performance from last December to April. It nearly tripled in price during a time when most altcoins were bleeding against BTC. There was even an attempt on the highs again in mid-June.

Sellers front ran the halving cycle by a couple months and sold into the hype. Smart money being smart!

[rdbase]

I dont believe it will mean much to the price. It is mostly for the large corporate investors to make their move with the swing of the price. Nothing more but making the rich get richer..
only this time around in crypto.

[Baofeng]

I dont believe it will mean much to the price. It is mostly for the large corporate investors to make their move with the swing of the price. Nothing more but making the rich get richer..
only this time around in crypto.

It's pretty obvious that there's some kind of manipulator from either whales and institutional corporation who have been inside the market prior to bakkt. The price is just hovering around the $10k, so sorry for those who expects something big is going to happen because big players have change the game and put it to their advantage. As you have said, richer becoming rick as f**k. That's how it is and us average joe's just need to swim with them.

[JohnBitCo]

I dont believe it will mean much to the price. It is mostly for the large corporate investors to make their move with the swing of the price. Nothing more but making the rich get richer..
only this time around in crypto.

For a moment just forget about the impact of bakkt on bitcoin price. Think of the adaption Bakkt will bring. There will be so many new investors who will be investing in bitcoins through Bakkt. When you will see more people using bitcoins its demand will automatically increase and since we all know that bitcoin quantity is fixed, the price can shoot up very high in very small amount of time.
Both Bakkt and the bitcoin halving are enough to start the another bull run.

[btc_angela]

I dont believe it will mean much to the price. It is mostly for the large corporate investors to make their move with the swing of the price. Nothing more but making the rich get richer..
only this time around in crypto.

For a moment just forget about the impact of bakkt on bitcoin price. Think of the adaption Bakkt will bring. There will be so many new investors who will be investing in bitcoins through Bakkt. When you will see more people using bitcoins its demand will automatically increase and since we all know that bitcoin quantity is fixed, the price can shoot up very high in very small amount of time.
Both Bakkt and the bitcoin halving are enough to start the another bull run.

Beg to disagree about the Bakkt scenario pushing the price for another bull run. On the contrary it could bring a tragic scenario wherein the price will go down further. I don't want to bearish about Bakkt, but it seems that's what we are seeing right. As for the halving, lets wait till May, but let me remind you that the price won't go and increase over night though, takes years again before we can finally a massive bull run similar to 2015-2017.

[cryptokwuk]

Hahaha what a major fail. Years of anticipation and big talk about big investors and institutional money accessing Bitcoin, then it finally goes live it puts out a daily trade volume of 50 BTC.
Big money can't even be bothered to put down $500k in Bitcoin...
And you guys still believe Bitcoin has not failed? LMAO!

[bitbunnny]

I think many are disappointed now. Expectations from Bakkt were big, many hoped for bull run but so far effect is just the opposite.
I'm not saying that current corrections is related to Bakkt but obviously positive effect didn't happen. But don't rush with too many negative conclusions, let's wait for a while to see how the situation will develope.

[fabiorem]

No. Market have tanked.

[milewilda]

I think many are disappointed now. Expectations from Bakkt were big, many hoped for bull run but so far effect is just the opposite.
I'm not saying that current corrections is related to Bakkt but obviously positive effect didn't happen. But don't rush with too many negative conclusions, let's wait for a while to see how the situation will develope.

People are way expecting too much into these kind of events.Yes, it do looks good yet we know this Bakkt is involved but not all fundamentals would works as it should be.
We are seeing the current situation at this moment where price is decreasing and as you said lots do get disappointed on whats happening right now.Nothing special nor shocking because anything can happen from time to time.Things doesnt happen anytime on what we do anticipated and this is what makes this market is soo unpredictable.

[adaseb]

https://www.theice.com/products/72035464/Bakkt-Bitcoin-USD-Monthly-Futures-Contract/data?marketId=6137541

Been almost a day and only 70 contracts traded so its 70 BTC. There is also the daily contracts which only had 2 contracts trade. So very little interest we can see so far.

I think we got to give it time. Maybe not all brokers have been able to list it yet for trading. We will see what happens in a few weeks time, but so far the results are pretty disappointing.

Most likely if it continues with this little volume, they will just delist them.

[boyptc]

I think many are disappointed now.

Many are because it was opposite to what most expected.

And right now on internet, I see a lot of altcoiners and no coiners making fun of 'bitcoin bakkt to the moon' because of the tank.

[exstasie]

Consider the theory "buy the rumor, sell the news." When Bakkt announced the launch date in mid-August, we bounced about $1,500. People bought the rumor. Will they also sell the news?

Since Bakkt launched yesterday, the market has dumped ~4.5%. "Buy the rumor, sell the news" strikes again!

https://www.theice.com/products/72035464/Bakkt-Bitcoin-USD-Monthly-Futures-Contract/data?marketId=6137541

Been almost a day and only 70 contracts traded so its 70 BTC. There is also the daily contracts which only had 2 contracts trade. So very little interest we can see so far.

I think we got to give it time. Maybe not all brokers have been able to list it yet for trading. We will see what happens in a few weeks time, but so far the results are pretty disappointing.

Most likely if it continues with this little volume, they will just delist them.

CME's volume was disappointing at first too but it's grown significantly over the past 1.5 years. The monthly volume from January 2018 to May 2019 went up more than 1000%. Give it several months or a year.

[Kemarit]

I think many are disappointed now. Expectations from Bakkt were big, many hoped for bull run but so far effect is just the opposite.
I'm not saying that current corrections is related to Bakkt but obviously positive effect didn't happen. But don't rush with too many negative conclusions, let's wait for a while to see how the situation will develope.

True, I don't understand why people think that the price will suddenly shoot up. Investors are still in the waiting game, sort of like observing what the market sentiments will be before starting to make their move. So we need it some time to develop and let the investors make their decisions in the next couple of weeks.

We can't compare them to other future contracts (CME and CBoE) because that time we are in a bullish market and there's a lot of hype behind them as compare to Bakkt wherein in the beginning stage there was so much hype and media was all over making noises that this is supposed to be the catalyst.

[pooya87]

it seems like for these couple of days that Bakkt launch is still fresh there is more panic in the market than anything else possibly it is either because of the fact that weak hands think it is the end of the hype and expected drop so they panic sold before it happened and caused this drop or their panic is because it is Futures and they were scared of its effects on price. whatever the reason we are seeing the panic take its toll on the price but still incapable of pushing it down below the previously tested bottom.

[stompix]

it is either because of the fact that weak hands think it is the end of the hype and expected drop so they panic sold before it happened and caused this drop or their panic is because it is Futures and they were scared of its effects on price.
~
whatever the reason we are seeing the panic take its toll on the price but still incapable of pushing it down below the previously tested bottom.

I'm not watching other charts than bitfinex and bitstamp so probably my info is not accurate but I see the volume being a fraction of what it used to be in June July, so there is no much panic as probably boredom, really not so much trading going on compared to previous months.

Actually, even looking at the chart on CMC (which I know is as fake and inflated as possible) I see this:


 
So, I'm pretty sure that if we eliminate the usual fake volume coming from the former chinese exchange and the ones nobody heard of but are claiming trillions we might end up with only a third of the previous month's volume.
And this will probably be the trend for some time...until. ....something happens. What that might be, I have no clue.

True, I don't understand why people think that the price will suddenly shoot up.

Common, look back at the topics about bakkt.
Bakkts launching, moon, such wow, were the dominant things in every one of them, almost everybody was sure the price will spike, physical bitcoins, contracts, money, Wallstreet...
Now everybody is...let's take it slowly, it takes time, even 2 bitcoins per hour is huge!!

Why are we trying to fool ourselves?
90% at least expected a price hike and now, 90% says a spike was impossible, let's take things slowly...
Remember this?

We will have to see, it's been touted as the catalyst for another bull run this year and push the price to at least $16,000 so let's see how everything will turn out. Maybe institutional money with flow to the ecosystem to push the price. Or it will create another hype and fresh blood are going to pump the market who knows. So it's going to be pretty exciting as others said that this is long overdue and they grow tired of waiting while on the other hand, majority are betting that this will create a boost in the price, whether short or long term.

I also believed in an irrational spike (as I dislike Bakkt a lot), I was quite sure the FOMO would push the price at least 30-50% percent up because this is usually how things happen here, when hype kicks in nothing can stop it but when I saw the price declining and I saw the volume on Bakkt, wht a f joke!!!!

[gentlemand]

Many are because it was opposite to what most expected.

Then they're silly billies.

Most people on this forum are interested in Bitcoin because it might provide them with one thing - more dollars.

That's doubly or triply the case for high rollers. Trading to wind up with BTC is going to be niche however you wish to look at it.

It's cool that it exists and one day it will be a powerful market factor but it could be a considerable wait.

[buwaytress]

So how many people saw this coming? The ones that ignored standalone news in favour of seemingly solid charting technicals? Or the ones that knew Bakkt wasn't as anticipated as people wanted to say they would be?

I wonder how the Tom Lees feel like now. Cause if their followers were truly people waiting for the likes of Bakkt to come... well, it's here.

I'll tell you what happened: institutional money didn't wait. They went in a while back;)

[Juggy777]

So how many people saw this coming? The ones that ignored standalone news in favour of seemingly solid charting technicals? Or the ones that knew Bakkt wasn't as anticipated as people wanted to say they would be?

I wonder how the Tom Lees feel like now. Cause if their followers were truly people waiting for the likes of Bakkt to come... well, it's here.

I'll tell you what happened: institutional money didn't wait. They went in a while back;)

@buwaytress I’ll be honest a while ago I was keenly awaiting Bakkts launch, as I believed it would propel bitcoin prices upwards but later on when I saw it was continuously being delayed I stopped focusing on it. I’m not surprised to see bitcoin prices have not reacted at all to it’s launch, however I do believe that in the long run it has the potential to power up bitcoin prices.