Bakkt released September 23 Is it going to pump or dump the price?

[UNOE]

Having this on every crypto minded individual since release of the news broke a couple of months ago I am wondering when it is launched on monday will it pump up the price or drive it down?
https://bravenewcoin.com/insights/bitcoin-price-analysis-network-stats-hit-new-highs-with-bakkt-on-the

The price has decreased about $400 from yesterday so by monday when it officially launches will it have it soar past what it was just 48 hours ago?
I have a feeling it will have a flat effect on the price and might possibly dip lower due to high expectations being dashed out.
Just like when you go into a movie but get out feeling disappointed from what you expected it to be due to it being overhyped.
This can also happen in crypto too with the ICO and IEO have shown us.
The hype up and then the sell off of those coins driving the price down, down , down.

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[joniboini]

Just like when you go into a movie but get out feeling disappointed from what you expected it to be due to it being overhyped.

I certainly believe that Bakkt is overhyped. But, doesn't mean this will automatically make dump party started. When VanEck canceled their ETF submission a few weeks ago, the market didn't reach that much. Either the majority of the traders no longer consider VanEck as essential, or the sell volume from plebs did not move the price.

Based on the movement these past days, it seems like a lot of users are doing the usual buy the rumor sell the news. I expect we'll see some downside movement tomorrow, and hopefully not for long.

[fiulpro]

People are attributed various factors with this decrease in price so am pretty sure that you don't actually need to be that serious about it .
Some people are saying it's because of 75$ million being printed
Some are saying that it's because of Saudi Arabia .
The fact is ..we cannot actually point out why it's because of .
With the price halving I think it will be a pump soon..

[goinmerry]

Bakt might be overhyped to others but there are valid reasons why it should be a hype.

Big whales will surely not just buying the rumors but Bakt is not just a typical exchange. They will be involved here.

It will pump the price but don't expect that rise within overnight. Look at long-term.

[UNOE]

Just like when you go into a movie but get out feeling disappointed from what you expected it to be due to it being overhyped.

I certainly believe that Bakkt is overhyped. But, doesn't mean this will automatically make dump party started. When VanEck canceled their ETF submission a few weeks ago, the market didn't reach that much. Either the majority of the traders no longer consider VanEck as essential, or the sell volume from plebs did not move the price.

Based on the movement these past days, it seems like a lot of users are doing the usual buy the rumor sell the news. I expect we'll see some downside movement tomorrow, and hopefully not for long.

This is what most of the skeptics are thinking too.
It does look as if this bitcoin market is fueled by rumors and hype and to me this is overinflated like a balloon that is ready to pop after the excitement is over. But that's just me and not necessarily going to happen. Lets hope for the best!

People are attributed various factors with this decrease in price so am pretty sure that you don't actually need to be that serious about it .
Some people are saying it's because of 75$ million being printed
Some are saying that it's because of Saudi Arabia .
The fact is ..we cannot actually point out why it's because of .
With the price halving I think it will be a pump soon..

Once again yeah it is based on the news and this is what people are basing their opinions on when buy and selling their bags. But your right the halving is something solid we can base our opinions on and not just a form of platform for corporations to invest more into bitcoin which in essence can be heavily manipulated in favor of those already crypto rich.

Bakt might be overhyped to others but there are valid reasons why it should be a hype.
Big whales will surely not just buying the rumors but Bakt is not just a typical exchange. They will be involved here.
It will pump the price but don't expect that rise within overnight. Look at long-term.

There was some talk earlier about how we will see a major swing in the price for the better due to all three exchanges opening at 6am New York local time. But we'll know within the next 24 hours won't we?
Here are some threads in speculation on how they think the price will be going either up or down
https://bitcointalk.org/index.php?topic=5083242.0 ~ Price prediction in a few months after bakkt launches correct prediction wins a prize of btc.
https://bitcointalk.org/index.php?topic=5185177.0 ~ Optimistic views on how it will play out and one say it will surge the price to $15k.

[mu_enrico]

I think a repeated story like this wouldn't have a significant effect on the price movement. BAKKT news came since what? Last year? So it has already priced in.

To have a new bull run episode, fundamental must change, something like lightning network upgrades, so that setting up a node is more manageable, more secure, etc. It doesn't have to be BTC, just like in 2017, ETH triggered the crypto bull run.

[hugeblack]

I expect the price to react positively in the short term as we can see its real impact in several months.
All the global markets are experiencing uncertainty, so this news will spread quickly and will work to inflate the hopes, which makes a lot of people buying/selling based on the rise of the market.
In short, what will happen would be an amplification of gains or price stability at $ 9700.

[exstasie]

Having this on every crypto minded individual since release of the news broke a couple of months ago I am wondering when it is launched on monday will it pump up the price or drive it down?
https://bravenewcoin.com/insights/bitcoin-price-analysis-network-stats-hit-new-highs-with-bakkt-on-the

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?

On the higher time frames (weekly and monthly) the market is coiling for an upside breakout. In that sense, the Bakkt launch could act as a catalyst. I sort of doubt it though. Based on the current price action and indicators, I think we'll have to wait another week or more before bulls start retaking control.

[Hallmader]

It will definitely cause a pump but not this late. The news is not new anymore. The news released a couple of months ago was already recycled so to speak. The news of Bakkt offering Bitcoin futures has already been talked about more than a year ago. That has already affected the price of Bitcoin. Right now, it would either be selling time or just the status quo, no large spikes happening. But since this is Bakkt, owned by the owner of NYSE, the largest stock exchange in the world, this will certainly do good rather than bad, albeit in the longer term.

[beerlover]

I have always said that I never trusted bakkts affect on people, it is not something big and its not getting any attention, we are not talking about JPMorgan or anything that size, bakkt is a small timer compared to those places who have bigger assets outside of USA let alone in it.

Hence, the reality is that bakkt will start, maybe get some people involved but in the end it will be nothing too impactful on bitcoin itself and just slowly diminish its affect on bitcoin. That is just my thought tho, maybe I am super wrong, maybe bakkt will change the sphere of bitcoin and the price will be 50k, I just don't see it. If you ask me the halving has a ton more impact on bitcoin than bakkt could ever hope for, with halving we will at least have less mined coins every day.

[Kakmakr]

The Bakkt investments on it's own will not "push" up the price, because the Bakkt trading volume are not used to determine the Bitcoin price. We have several large exchanges that are used to determine the price. 

The launch started with a very low trading volume, but that was expected. Traders will not just jump into a new trading instrument after it's launch, because they first want to see what other traders are doing. Bakkt also bought all the bitcoins for the warehouse long before this warehouse was launched, so this will not cause a large "demand" on exchanges now to bump up the price. 

[casperBGD]

regarding price, release should not influence the price, except if there are some bad news regarding implementation, because it was a known fact, and price influence were included in price when it is announced, now is too late to trade it, that is my opinion

[1Referee]

For anyone interested, here the links to their monthly and daily futures pages where you can track volumes and whatnot;

https://www.theice.com/products/72035483/Bakkt-Bitcoin-USD-Daily-Futures-Contract/data

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

Don't immediately think it's a failure just because the volumes are low. It just started so let investors walk themselves through verification procedures and check back after a week or month. Rome isn't built in one day either.

[UNOE]

Well my assumption on how its release on the price of bitcoin was correct.
Someone mentioned on the wall observer thread had said total traded on the platform has been 28btc.

Which I would have to agree is quite low for a launch of something with so much interest and potential in it for its first day.

28 btc traded on bakkt right now.

I would be very curious about WHO is buying  this coins... amounts are pity, but seems like some institutional player was ready to "play" with btc on bakkt launch...

Wow, that’s pathetic.

[el kaka22]

Well, it is a recent thing and we can now finally see how big or small Bakkt is, I have always supported that bakkt was nothing at all and the price wouldn't be changed but we will actually see it now, if the price goes over 12k somehow I would agree that I was wrong, I would even include over 11k if it gets there a bit higher, like 11.5k or whatever instead of just 11.1k but at the end of the day if it goes to just 10.8k or something that is something bitcoin always does, it goes under 10k than goes over 10k and has done that multiple times in the past 3 months if you have been around, that is why I need it to go above like 11.5k so that I can say Bakkt made some difference but I doubt that will happen, I would go as far as saying I would wager on bitcoin price to not go above 12k in the next week.

[LUCKMCFLY]

When there is buying interest, the ideal is that the price will lower it, because Strong Hands always buy is Cheap, they never buy expensive. Since the BAKKT has already started, the impact on the market has not been as direct or as instantaneous. What can also happen is that there are new investors, and the price for now may not matter to them and they begin to buy progressively without lowering it, everything is a matter of waiting as time goes by.

[The Sceptical Chymist]

Didn't Bakkt launch last night at 8pm EST?  That's what I read in the Forbes article that was linked to in some other thread.  I had preev pulled up in a tab to check the price after it went live, and it didn't really do much of anything--and as I write this, bitcoin has dropped (marginally) to $9862.

28 btc traded on bakkt right now.

The above quote was only written a couple of hours ago, and yeah I'd have to agree that this isn't a huge amount.  Anybody know if this is actual bitcoin that changed hands or if it was some sort of derivative?  Anyway, I would have expected a much bigger amount for the first day of a new platform that's supposed to be for big-money players.  I'll definitely keep my eye on this.

When there is buying interest, the ideal is that the price will lower it, because Strong Hands always buy is Cheap, they never buy expensive.

I guess that's true....but as with any market, there's always a lot of buying and selling going on regardless of the price.  You'll always get someone who'll want to buy something in a free market.

[coolcoinz]

The low volume we're witnessing is a sign of anticipation and uncertainty. Investors are waiting for Bakkt (or its investors) to make the first move. However we look at this, bakkt is a positive news and it will either do nothing or increase the value. It can't cause a dump because it's coming in with empty hands. You need to have coins first to be able to dump them into the market.

[Ryker1]

Well, this issue of bakkt is not new, we had heard this before just months passed but until now it pumps but not huge. This news is essentially recycled and now what will the cause of bitcoin pump upon the opening of bakkt. I believed that bakkt don't have an effect on the market situation, I think as what I have seen in coins market cap bitcoin was dropped slowly and there is no sign of having a pump side. Indeed, let us just wait furthermore result, strong hands will always have benefits.

[exstasie]

Didn't Bakkt launch last night at 8pm EST?  That's what I read in the Forbes article that was linked to in some other thread.

Or in other words, 12AM UTC/GMT on September 23rd.

Anybody know if this is actual bitcoin that changed hands or if it was some sort of derivative?  Anyway, I would have expected a much bigger amount for the first day of a new platform that's supposed to be for big-money players.  I'll definitely keep my eye on this.

Rome wasn't built in a day. I expect volume to steadily grow. People clowned CME for their volume at launch too but it steadily grew over 2018 and exploded in April/May this year.

These are derivatives but each contract is worth 1 BTC. Unlike the CME market they can be physically withdrawn (like spot BTC) after settlement.