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

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.

Yet the backed digital asset security platform was announced back in September of last year and this is when alot of non crypto people learned about what an outline of it really was.

https://www.youtube.com/watch?v=1qhENqoFrVI

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[BitHodler]

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.

Bakkt won't dump, but the 'buy the rumor sell the news investors' will, which doesn't really seem to be the case right now because it's already calculated in the price already. In other words, news is sold already.

What we experience right now is normal price activity, which is just as bearish as it has been for the last couple of weeks. If we dip below $9.6k, I expect another touch $9.3-$9.4k touch which is the horizontal support level of the current formation.

I expect a full break any time soon that will bounce up from $8.5 to possibly $9k to continue making lower lows after some sideways consolidation. Bitcoin's chart looks like it wants to make lower lows badly.

[dengpei]

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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In my opinion, we have reached the tipping point now where Bitcoin has really established itself despite what naysayers may say and is here to stay. In the next 5 years, Bitcoin is going to end up being in every institutional investor’s portfolio.

As for Bakkt, as with most regulated futures contracts, the adoption on the first day is not really that amazing because of the lackadaisical clearance approach by most futures brokers. So I predict that Bakkt will be met with cynicism from most people who will adopt a wait and see approach rather than going all in at once.

In short, Bakkt is going to drizzle then Flood!

[Darklinkz]

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.

Bakkt won't dump, but the 'buy the rumor sell the news investors' will, which doesn't really seem to be the case right now because it's already calculated in the price already. In other words, news is sold already.

What we experience right now is normal price activity, which is just as bearish as it has been for the last couple of weeks. If we dip below $9.6k, I expect another touch $9.3-$9.4k touch which is the horizontal support level of the current formation.

I expect a full break any time soon that will bounce up from $8.5 to possibly $9k to continue making lower lows after some sideways consolidation. Bitcoin's chart looks like it wants to make lower lows badly.

I was also one the many who hopes that Bakkt will bring the btc price to the new level and I was waiting for a year for this to happen but now I'm just really disappointed. Maybe you are right that the rumoured was already bought at the same time where bitcoin has rose $3k to $12k. And I'm also afraid that the halving news catalyst price pump has already happened this year instead of next year but that's just my speculation because I don't know what else would get us to moon and reach new highs.

[Kakmakr]

Does anyone know how the Bakkt price of their coins in their warehouse, would correspond to the Bitcoin price on the open market? Will they base the price on some US regulated exchange prices or will they determine their own price, not linked to the Bitcoin price on the open market?

The SEC was worried about price manipulation from external markets, so I presume this was solved if they approved the application for Bakkt? They wanted 100% regulation and they got it through this venture. 

Please quote the source, if you can answer the question. 

[bitbunnny]

As for now the price went down but I wouldn't connect that with Bakkt. It's usual correction that is triggered by something else.
I know that many hoped Bakkt will influence on price rise, in significant range even but that didn't happen and I don't think that is going to, can't see what would be the mechanism. So I guess many are disappointed.

[cosmofly]

Bitcoin's decline has affected Bakkt's launch.
Bakkt's trading volume on the 23rd was too low, about $ 720k, which is a very small number, lower than the altcoins in the top 100.
This is one of the very bad signs of the market, this shows the psychology of speculators are depressed. Will the market continue to dump? anyone agree with me ?

[UNOE]

Bitcoin's decline has affected Bakkt's launch.
Bakkt's trading volume on the 23rd was too low, about $ 720k, which is a very small number, lower than the altcoins in the top 100.
This is one of the very bad signs of the market, this shows the psychology of speculators are depressed. Will the market continue to dump? anyone agree with me ?

I agree with you there but we can not say it due to the launch of the platform because even with more BTC being added to the volume on bakkt,
the price continues to decrease and is below $9525 while I am posting.
There has to be another underlying factor at play here because it shouldn't continue to dive down $200 a time.
Which is strange from its rise up and its sideways movement over the past six months.

[JayJuanGee]

Bitcoin's decline has affected Bakkt's launch.
Bakkt's trading volume on the 23rd was too low, about $ 720k, which is a very small number, lower than the altcoins in the top 100.
This is one of the very bad signs of the market, this shows the psychology of speculators are depressed. Will the market continue to dump? anyone agree with me ?

I would speculate that there must be decent BTC price support between $9k and $9,200 - otherwise if $9k is broken then maybe we could see ourselves at least having to test support in the $8k to $8,500 range.  I never proclaim to have any soothsaying abilities, so I just go with the flow, including recently having my buy orders set at fairly small increments, so lately with our recent dumpenings my buy orders have been hitting fairly consistently and regularly.

[FlamingFingers]

As we all can see,  Bakt has no much positive value in increasing the price of bitcoin
 I was expecting an upsurge in price but to my surprise the price of bitcoin keeps going down, I guess the hype of Bakt was way too much than the expected outcome

[mu_enrico]

I think a repeated story like this wouldn't have a significant effect on the price movement.

Oops, I admit I was wrong to predict the "no-effect" hypothesis. Honestly, it's surprising that the price dump quite deep just because of BAKKT (or is it?)

I would speculate that there must be decent BTC price support between $9k and $9,200 - otherwise if $9k is broken then maybe we could see ourselves at least having to test support in the $8k to $8,500 range.

I agree with you mate, the more frequent price tests the support line, the higher the probability of it breaks.
Now the momentum is in the bearish area.

Maybe the 9K-10K price range was the anticipation for BAKKT, and now the price will be heavily deflated.

*not a financial advice, dyor & dwyor

[Febo]

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

Thy are emptying their Bakkt Bitcoin warehouse. They filled it at the begining of year with cheap $3000 Bitcoins and now are selling those and making great profits.

[FanEagle]

We would not really know what could lead to price increase of bitcoin because bitcoin is an unpredictable coin, ok look at recently the hype was everywhere that the bakkt will add some value to bitcoin, I expected that it would have been a motivating factor for some investors to start putting in money ahead of the increase, but rather than seeing any increase, the price plunged by $400, this alone sent signal to me that we may not really see much difference in bitcoin price because of the release of bakkt, but there is still time though.

The platform is a new one and just launched, I believe that as time proceeds, we will surely see if this is going to have some effect on the price of bitcoin, but beyond bakkt, I know that there is still going to be an increase in the price of bitcoin soon because we are much due for the bull run.

[dunfida]

Bitcoin's decline has affected Bakkt's launch.
Bakkt's trading volume on the 23rd was too low, about $ 720k, which is a very small number, lower than the altcoins in the top 100.
This is one of the very bad signs of the market, this shows the psychology of speculators are depressed. Will the market continue to dump? anyone agree with me ?

I agree with you there but we can not say it due to the launch of the platform because even with more BTC being added to the volume on bakkt,
the price continues to decrease and is below $9525 while I am posting.
There has to be another underlying factor at play here because it shouldn't continue to dive down $200 a time.
Which is strange from its rise up and its sideways movement over the past six months.

We are not on $8300 as we speak and it is heading way down too fast and might able to break up that 8k support. We might even able to see 7k price range once again if this one would continue on this phase.I didnt expect that it do head down way too fast.Im not expecting too much on Bakkt and we can precisely point out that this is the main reason of such dump or not.We are heading now Bois!

[ene1980]

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.

This is exactly what is happening in the market as the market keeps on falling and i wonder how long it will go like that, amazed that a hype train could hold the market for such a long time at a range and once released it keeps on falling, there are other articles surrounding the market regarding the hash drop, whether it has anything to do with the current stage is yet to be known.

[rdbase]

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

Thy are emptying their Bakkt Bitcoin warehouse. They filled it at the begining of year with cheap $3000 Bitcoins and now are selling those and making great profits.

This could be the reason but also there was a ruling by the sec yesterday being felt today with a denial of icobox to continue doing their business in securities and are suing the start up.
This and the launch of bakkt was set days apart and just made a perfect storm for what is happening with the price right now.

[exstasie]

Does anyone know how the Bakkt price of their coins in their warehouse, would correspond to the Bitcoin price on the open market? Will they base the price on some US regulated exchange prices or will they determine their own price, not linked to the Bitcoin price on the open market?

Their own price. Since Bakkt offers access to real bitcoins, their prices are directly linked to the spot market because of arbitrage. No price index is needed.

The SEC was worried about price manipulation from external markets, so I presume this was solved if they approved the application for Bakkt?

Bakkt's products are commodity futures, not securities. The CFTC regulates them, not the SEC.

[justdimin]

Well, it literally had no affect at all. I am quite sad because I really was looking to go above 10k, it is not even a big deal because over 10k is something we can easily achieve but Bakkt failed even doing that, the first day usually is the most active day because the people who have been waiting for this for a long time all come together and do their bids whereas on the first day ever Bakkt failed miserably, which goes to show all of us that Bakkt was a empty bubble that meant nothing and we got excited for basically something that makes no moves at all.

Hopefully, something better comes along soon and the price goes up, the investors are getting tired of the same trend moves up and down and we really need another big hype to make it above 12k again so investors can hold on to some more hope.

[andreibi]

Well, it literally had no affect at all. I am quite sad because I really was looking to go above 10k, it is not even a big deal because over 10k is something we can easily achieve but Bakkt failed even doing that, the first day usually is the most active day because the people who have been waiting for this for a long time all come together and do their bids whereas on the first day ever Bakkt failed miserably, which goes to show all of us that Bakkt was a empty bubble that meant nothing and we got excited for basically something that makes no moves at all.

Hopefully, something better comes along soon and the price goes up, the investors are getting tired of the same trend moves up and down and we really need another big hype to make it above 12k again so investors can hold on to some more hope.

It's not all about hype. It is the market's perception of adoption and continued development. Bakkt is positive news for those in the "crypto must be regulated in order to be accepted by many" camp. However, it seems no institution is interested in trading Bitcoin so far.

[shoreno]

Well, it literally had no affect at all. I am quite sad because I really was looking to go above 10k

it might not have a positive effect on the price but negative effect maybe ? because the price seem to decline more where its supposed to be pumping as what people expected or it maybe whales are playing tricks with us and they intend to counter the positive effect that bakk could bring  . hmmm

- snip -

lessoned learned , dont expect too much when there is an upcoming events like this because it can only give you a disapointment if ever your expectation dont occur .