BAKKT launching tomorrow but BTC price falls?

[maxttilt]

Why isn’t the official launch of BAKkT driving btc prices up but instead it’s going the opposite way?

Are investors afraid of a massive dump coming up or what are the possible reasons there isn’t any traction for BTC price ?

[virasog]

Why isn’t the official launch of BAKkT driving btc prices up but instead it’s going the opposite way?

Are investors afraid of a massive dump coming up or what are the possible reasons there isn’t any traction for BTC price ?

Do not worry, the prices will be up again. As you know in crypto, the prices rises on the basis of the news and more often dump on the actual event day. The same is happening with bitcoin prices currently. I am sure once the actual trading will start at Bakkt, it will be hard to find bitcoin again at 10,000 Dollars.

[inthelongrun]

Why isn’t the official launch of BAKkT driving btc prices up but instead it’s going the opposite way?

Are investors afraid of a massive dump coming up or what are the possible reasons there isn’t any traction for BTC price ?

Do not worry, the prices will be up again. As you know in crypto, the prices rises on the basis of the news and more often dump on the actual event day. The same is happening with bitcoin prices currently. I am sure once the actual trading will start at Bakkt, it will be hard to find bitcoin again at 10,000 Dollars.

Because Bakkt is supposed to launch December of last year. If you guys noticed, bitcoin price continous to went up slowly. I believe Bakkt accumulated a lot of bitcoins already. They are ready to play.

But Bakkt is good for bitcoin. We just need patience because more Wall Street players are here.

[davis196]

Perhaps the crypto whales are just selling in order to push the price down,so they could buy at a cheaper price later,right before the bull run starts.The market was "sleeping" during the last three weeks.I hope that some event will wake the traders up and the price volatility will return.I don't rely that much on Bakkt to bring any new investors to bitcoin.

[Baofeng]

Why isn’t the official launch of BAKkT driving btc prices up but instead it’s going the opposite way?

Are investors afraid of a massive dump coming up or what are the possible reasons there isn’t any traction for BTC price ?

I guess no one is really excited about bakkt, or there are manipulators behind and push the price a bit so that they can buy cheap coins prior to the bakkt launch. Anyways, this bakkt offering is long overdue and people are not that very enthusiastic and eager to say the least. But we will see the impact in the long run though, it's supposed to be the next catalyst for a bull run so let's stay relax for now and see how it goes.

[noormcs5]

Why isn’t the official launch of BAKkT driving btc prices up but instead it’s going the opposite way?

Are investors afraid of a massive dump coming up or what are the possible reasons there isn’t any traction for BTC price ?

I guess no one is really excited about bakkt, or there are manipulators behind and push the price a bit so that they can buy cheap coins prior to the bakkt launch. Anyways, this bakkt offering is long overdue and people are not that very enthusiastic and eager to say the least. But we will see the impact in the long run though, it's supposed to be the next catalyst for a bull run so let's stay relax for now and see how it goes.

As always is the case, before every bull run we see an unexpected dump. Lets hope this is the last dump and we move upwards after this. BAKKT is a big platform and there are chances that we see big increase in the overall market cap.

[Lucius]

I believe Bakkt accumulated a lot of bitcoins already. They are ready to play.

It seems that Bakkt was the cause of big pump from April this year, when price is jump from $4000 to $14000 in a relatively short time. They allegedly bought 100 000 BTC during that period, and as you say they are ready to play now.

People who are waiting that Bakkt launch new pump probably waiting in vain, how it seems now September 23 will not change anything in terms of price. It remains to be seen whether there will be any positive effects in the coming months, and depending on how this project will evolve, price impact may occur again when/if Bakkt start to buy BTC again.

[lightningmelo]

If bitcoin has taught me anything is that good news don't necessarily correlate with price increase.

"Buy the rumor, sell the news".

[NeuroticFish]

If bitcoin has taught me anything is that good news don't necessarily correlate with price increase.

"Buy the rumor, sell the news".

Well said!
Also people tend to forget that Bakkt news were used (or attempted) for pumping the price, almost nobody seems to be impressed anymore.

[Mulann2]

The anticipation of bakkt coming for a long time now has slowly died down, people are not so eager like when it was first mentioned, maybe people are waiting on the sidelines watching to see what will happen before any major movement, nowadays, news and update hardly drive price like before, I guess things are changing.

[Haunebu]

It seems that Bakkt was the cause of big pump from April this year, when price is jump from $4000 to $14000 in a relatively short time. They allegedly bought 100 000 BTC during that period, and as you say they are ready to play now.

I don't think that was only because of Bakkt since there were multiple factors involved among which the Facebook crypto(Libra) was the primary motivator. Not many are interested in when Bakkt will actually launch anymore due to the delays.

I actually feel like this is a court case being postponed like all other cases. Everyone are hyped for the 2020 halving event which will probably push the BTC value through the roof. It will be worth the wait in my opinion.

[Sebas.tian]

Why isn’t the official launch of BAKkT driving btc prices up but instead it’s going the opposite way?
.........

Basically they said it before the price shitfted positively and the launch was postponed, so, what we are seeing doesn't mean it announcement again for the launch have no traction. The traction will come as soon as they actually launch their program. Personally, the believe that this launch will produce positive results for bitcoin and altcoins is what happened last time they intended to launch. Let keep our fingers across and see what happen later this year or in the year 2020.

[Lucius]

I don't think that was only because of Bakkt since there were multiple factors involved among which the Facebook crypto(Libra) was the primary motivator.

Libra has nothing to do with Bitcoin, it is just an idea on paper with a high chance of failing. Yet complete ignorance of the good part of the crypto community regarding Libra perhaps influenced the increased demand at one point, but the price is starting to go up in moment someone (Bakkt) is start to pump money in Bitcoin.

Just imagine that today someone starts buying thousands BTC, the price would instantly go up, and we know that people invest in crypto mostly in times when the price is going up. The reason is simple, FOMO short-term profit in times when Bitcoin realizes a significant price increase in a short period of time.

In a time of stability which we have right now, supply and demand are almost equal - it just shows that cheap coins are not too interesting for most investors.

[ScamViruS]

Why isn’t the official launch of BAKkT driving btc prices up but instead it’s going the opposite way?

Are investors afraid of a massive dump coming up or what are the possible reasons there isn’t any traction for BTC price ?

Shakeout is a common thing on cryptomarket. Big players doing price manipulation for kick weakhands from market. Big players want more and more bitcoin before price go up.

[maydna]

It's no problem if bitcoin price is going down again in this time because, in a long time, the price will be back to increase. If the price can go down again, the chance for us to see the high price will be wide open, and I guess that we don't need to wait for a very long time. After the price down, it will start to increase after the price sideways for a moment so we could expect that will trigger the bull run to come. That is only a prediction, and we don't know what will happen later, and we need to be patient yet.

[Bitcoinwaist]

Why isn’t the official launch of BAKkT driving btc prices up but instead it’s going the opposite way?

Are investors afraid of a massive dump coming up or what are the possible reasons there isn’t any traction for BTC price ?

imo, when you buy bitcoin, whales and traders are taking the other side of your bet and trading against you. this prevents any type of price manipulation from someone with deep pockets, so they can't "buy" the market. Example If some entity buys 10000 btc, whales and traders are not going to let them come in buy, pump the price because of the thin books, drive the price up and let them take profits. whales will sell and  drive the price down and make the buyer sweat it out and make them work for their profits(baghold). same goes for selling, you sell 10000 btc the price is going to most likely go up and not let you buy back at a lower price to immediately wash rinse repeat. so I look at bakkt in this way, if the price dumps tomorrow, this means people are buying, but the traders are trading against the new money. if price goes up that means there are people selling the news and whales are buying.

[qiman]

This is what happens as usual, buy the rumor and sell the news. Hopefully though in the near future this will become a catalyst for more big institutions to be pouring in money into Bitcoin and other Crypto currency assets and blockchain projects at large. I think by 2021 we should see another boom in the price of Bitcoin but how much can it go up from here? All depends on how many people see it as a store of value or how many new people will decide to use it for shopping etc. Only in the future we will know of course.

[finaleshot2016]

Here's the graphical movement of bitcoin this past few days. Bitcoin was already going down but after many days, it will rise up again. We all know that bitcoin wasn't really stable. I think you just based the assumption on this day? If you're going to speculate something, you should check the whole week or even months if the bitcoin will still increase or decreases. I can say that this is just a normal routine for bitcoin so chill out.

I don't know what BAKKT really is but I already read some articles about it that it will help Bitcoin to grow. Too good to be true but I'm hoping that's legit because it's what we really wanted.

[The Sceptical Chymist]

As you know in crypto, the prices rises on the basis of the news and more often dump on the actual event day.

Yeah, events, rumors, and news are usually already priced in by the time they happen, but Bakkt is going to allow big-money traders to get into bitcoin--so I don't think that sort of thing can be priced in ahead of time.  What I'm not sure of either is how much Wall Street (and other deep pockets) are going to trade and how that's going to affect the price of bitcoin.  I don't know if bitcoin is actually going to change hands or if it's all going to be done through derivatives.

I did not realize tomorrow was the launch, since all the news about Bakkt I've heard has come from this forum, and I don't remember anyone mentioning a date.  Should be very interesting to see what happens.

Here's the graphical movement of bitcoin this past few days. Bitcoin was already going down but after many days, it will rise up again.

Meh, it's been flat for a while now.  There's been no movement with any momentum behind it, and the ups and downs we've seen are just normal market fluctuations.

[Kakmakr]

Well, I would presume that most of the bitcoins that are stored in the Bakkt warehouse have been bought months ago, when they started with this project, so we will not see any huge bump in the price when Bakkt goes live tomorrow.  If on the other hand, Bakkt is very popular and institutional investors starts to buy loads of coins, then Bakkt will be forced to buy a lot more coins and that will push up the price.

Let's also not forget that whales expect the price to go up tomorrow.. so they might have dumped some coins to manipulate the price to buy some cheap coins before the price goes to the Moon.