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

[Cnut237]

I do think the bakkt launch is at least part of the reason for the market-wide price drops. It seems like an over-reaction however. Perhaps it caused a slight dip which was then made worse by people jumping in and panic-selling. Whatever, it doesn't seem like the news should be sufficient to trigger the scale of fall that we've seen. I expect that we will see a recovery soon.

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[el kaka22]

I do think the bakkt launch is at least part of the reason for the market-wide price drops. It seems like an over-reaction however. Perhaps it caused a slight dip which was then made worse by people jumping in and panic-selling. Whatever, it doesn't seem like the news should be sufficient to trigger the scale of fall that we've seen. I expect that we will see a recovery soon.

Bakkt literally doesn't have enough volume to make bitcoin go down like this, these guys didn't get 1% of the total volume, how could they potentially be the reason for the bitcoin dropping this quickly, sure they may have that option when they go big enough and be like 5%-10% of all bitcoin volumes one day but if they can't manage to do that or at least can't do it now so it makes no sense that cause would be them.

I would personally put the blame on the manipulators who saw that bitcoin price was prime to go up so they dropped the price a bit, maybe it will go down even more and for couple months bitcoin will be same but eventually after a while they will let the brakes go and we will move up just like 3k to 10k time.

[Yatsan]

I do think the bakkt launch is at least part of the reason for the market-wide price drops. It seems like an over-reaction however. Perhaps it caused a slight dip which was then made worse by people jumping in and panic-selling. Whatever, it doesn't seem like the news should be sufficient to trigger the scale of fall that we've seen. I expect that we will see a recovery soon.

Bakkt literally doesn't have enough volume to make bitcoin go down like this, these guys didn't get 1% of the total volume, how could they potentially be the reason for the bitcoin dropping this quickly, sure they may have that option when they go big enough and be like 5%-10% of all bitcoin volumes one day but if they can't manage to do that or at least can't do it now so it makes no sense that cause would be them.

I would personally put the blame on the manipulators who saw that bitcoin price was prime to go up so they dropped the price a bit, maybe it will go down even more and for couple months bitcoin will be same but eventually after a while they will let the brakes go and we will move up just like 3k to 10k time.

The volume of bakkt is noticeably low than anticipated but let us not overreact on that, why? because bakkt is created for long term use. They have these daily and monthly future contracts and still pursuing new investors to put height on their price estimation. Bitcoin dumps a thousand of its current price after the bakkt officially launched, did bakkt affect it? Yes, because cryptocurrency is very specualtive when it comes to the market and 80% or more of market is not regulated. We expected high on this event even  we're uncertain, this kind of event already happened, don't be surprise.

[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.

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!

I do think the bakkt launch is at least part of the reason for the market-wide price drops. It seems like an over-reaction however. Perhaps it caused a slight dip which was then made worse by people jumping in and panic-selling. Whatever, it doesn't seem like the news should be sufficient to trigger the scale of fall that we've seen. I expect that we will see a recovery soon.

Even the founder of bakkt was worried about what it would do to the market on Monday. So in saying this he was not 100% sure it would be best for bitcoin to even release their product to the public.
https://dailyhodl.com/2019/09/22/bakkt-founder-nervous-about-mondays-launch-says-intense-curiosity-must-turn-into-demand/

[Oilacris]

To make things worse than ever, Bakkt has genuinely created the bear market. The bear market is going on for days and Bitcoin has dropped $ 3000. Can it continue to dump down to $ 5000? People are scared of what is going on, Bakkt is one of the worst events this year? Am I thinking that I am transferring all Bitcoin to Bitcoin cash?

We wouldn't know on whats the actual reason of the sudden price dump of this month alone.We have seen the worst in the past and we cant say that it wont happen again.

If the said price movement will be the same on or remain on upcoming days or months to come then expect we would head down to those levels or even lower.No one knows because this is how crypto market moves.Nothing is surprising if you were here for years on this market this would just act like a typical or casual thing to be seen.

[figmentofmyass]

I do think the bakkt launch is at least part of the reason for the market-wide price drops. It seems like an over-reaction however. Perhaps it caused a slight dip which was then made worse by people jumping in and panic-selling.

news rarely causes anything but it can trigger or intensify market moves that were probably gonna happen anyway. put another way---the market was already looking for a reason to dump.

it happened so abruptly because so many sellers were already waiting in the wings---stops were run, margin calls were executed on high leveraged positions, and panic selling ensued because the market made the first new lows in months.

[ethereumhunter]

Finally, we know what was happen after Bakkt released. The lowest price in the Poloniex was at $7766, Bittrex was at 7750, Binance was at $7750. I guess these situations will continue because if I see on the Daily trade in those exchanges, I see the trend still going down so the price will go down for a while. But we could hope that the support can hold the price not to go down too deep, but if it should go down, then I think the price could reach $7700-$7500. But I hope I wrong.

[akirasendo17]

Bakkt release and the whale who sold his bitcoin and the panic of the people who bought their token when it was like 10k usd , is the reason, and the news that are circulating make it worse
the price will probably go down but not really deep because if it happens I think one of the top 5 coins might take over at the top 1
we might see a down trend for the next few days before it recover
we hope this will not fall to 3000 usd because it will not be good

[juperos]

Bakkt release and the whale who sold his bitcoin and the panic of the people who bought their token when it was like 10k usd , is the reason, and the news that are circulating make it worse
the price will probably go down but not really deep because if it happens I think one of the top 5 coins might take over at the top 1
we might see a down trend for the next few days before it recover
we hope this will not fall to 3000 usd because it will not be good

We cannot expect anything in the financial markets, everything is possible and I have seen some experts in my team argue that Bitcoin will soon drop to $ 6k4 and ETH. is 13x $.
We should be prepared psychologically for a bear market, do not rush to trade at this time.

[sana54210]

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 was based on your assumption that you really feel people have been waiting. Who are the ones waiting? Is it not us? Most of the people that were waiting were investors who already had their investment and just hoping that the platform would do some hype and increase the investment.

If people were actually waiting for the bakkt platform to release, how come it was only 7 btc that they traded on their first launch, which means the hype in the real world was not as much as the hype was here in the forum and not many forum people have participated in the platform, so who are the people that you were even expecting ought to have bombarded the bakkt platform because for me, I have no need for it and I am sure you really don’t too.

[gwdf1]

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.

Anyhow, Bakkt affected the crypto prices also. If it is true, then, it will be a temporary fall in the market, and everything will be OK in several days. (at least the fall can be stopped). There is no much activity on this Bakkt now, and it is not the stuff that was expected. Probably, when this situation changes, the cryptocurrencies market will also run up quickly. Let us simply wait.

[UNOE]

There is now a fake bakkt giveaway making the rounds.
https://bitcointalk.org/index.php?topic=5187901.0
When there is blood in the water it's when the sharks come out wanting to bleed out investors even more.

[tenakha]

I do think the bakkt launch is at least part of the reason for the market-wide price drops. It seems like an over-reaction however. Perhaps it caused a slight dip which was then made worse by people jumping in and panic-selling. Whatever, it doesn't seem like the news should be sufficient to trigger the scale of fall that we've seen. I expect that we will see a recovery soon.

I also do not think that the launching of BAKKT affects the market, good or bad. The theme of BAKKT is so much talked about that it has lost its importance and we have stopped seeing it as a major development. At least it is not even convincing to think that this has a negative impact on the market. There must be something different affecting the market.

[TimeTeller]

To make things worse than ever, Bakkt has genuinely created the bear market. The bear market is going on for days and Bitcoin has dropped $ 3000. Can it continue to dump down to $ 5000? People are scared of what is going on, Bakkt is one of the worst events this year? Am I thinking that I am transferring all Bitcoin to Bitcoin cash?

We wouldn't know on whats the actual reason of the sudden price dump of this month alone.We have seen the worst in the past and we cant say that it wont happen again.

If the said price movement will be the same on or remain on upcoming days or months to come then expect we would head down to those levels or even lower.No one knows because this is how crypto market moves.Nothing is surprising if you were here for years on this market this would just act like a typical or casual thing to be seen.

And to pinpoint Bakkt situation as the main reason of this dump is I think not fair at all.
The current decline of price is the combination of several reasons like the bitcoin auction, the sell out of the large number of bitcoin and others.
Every movement is the combination of different reasons and it is always a part of this market.
Up and down movement is a normal one in crypto.
Like many other have said, we are in the volatile market so we will be in the roller coaster mode for much longer time.

[Findingnemo]

The result was found right,the prices got dumped when everyone want that to bump.

Don't just go with the flow,have some statistics of whale's mind they will go other way to make profits from real bitcoin investors.

[tranduc2101]

I think that when Bakkt was released, it would tend to be positive, but that was only part of me having an older brother who put a lot of money into Bakkt, but my brother didn't get anything back because of that. Bakkt's future will probably go down if this situation is still negative, and I want Bakkt to encourage more customers by doing so, the future of Bakkt will be more likely to grow.

[joromz1226]

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.

With the launch of Bakkt last Sept. 23, 2019, it has indeed given the bomb to many and those who believe its positive for the price of bitcoin, right! because of that bomb, many were alarmed by the sudden decline in Bitcoin's price and were followed by other altcoins that almost all were potential but also collapsed. But we only hold or if there is a buyer, we also take advantage while the price is low then hold.

[redsun114]

I am wondering when it is launched on monday will it pump up the price or drive it down?

I haven't seen any pump since the Bakkt was released...instead the market price of every coin started to fall. Bitcoin even fell down to $7k. The price started going up yesterday , so I wouldn't say that the increase has anything to do with Bakkt. All these things are not contributing in any way, the price will only go up when the right time comes, and not because of any of these. Just like it did in April ,the price increased just for no reason and people couldn't guess what caused the price to increase. That's how it is.

the hype in the real world was not as much as the hype was here in the forum and not many forum people have participated in the platform

That's how it is, things get hyped in the forum and when it comes out, nobody will show interest in it. All these hyped are just for nothing, those who do this hype of a thing are mostly the ones that are doing nothing. They just hype and then stay by the side and watch ,doing nothing. I wasn't even counting on this Bakkt to have any effect in the price of Bitcoin or the crypto market in general. I didn't even know the date it was released because I wasn't interested to know.

[Brunus]

Hard to say if there is a cause / effect relationship, or the fall of the bitcoin (in fact of the whole crypto sector) it was just a coincidence. Of course it's something to think about.

[barbara44]

By the logic, that whales do what the opposite of public thinks bitcoin will do, we can expect a rise very soon. Right now, everyone thinks that bitcoin is on a bear run and the price keeps going down and down which means eventually it will hit bottom, but reality is we dropped to $8k and stayed there, we are not going any further down as it looks and if people keep thinking that bitcoin will be $3k like last time than whales could allow people to sell and they would buy and buy and buy to have more and more bitcoins and as soon as they feel like the sells are slowing down they will buy more from the order book and increase the price back to $10k very easily.

Right now, there is not a big wall between $8k and $10k, so if whales wanted to get it back up it would be super easy for them.