BAKKT launching tomorrow but BTC price falls?

[LUCKMCFLY]

Normally, whales always buy cheap, so it is possible to expect a fall, but as new investors will come from many of Wall Street, some will take the initiative to buy regardless of the price, only with the intention of acquiring them, or it may be Nothing happens for now, and everything is progressive and adds large sums of Bitcoin purchases over time.

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[samcrypto]

Bakkt is launching tomorrow so we will just wait and after the launch I believe Bitcoin will start to rise. This time, this rise will be a bull run also I think. However I don't know why Bitcoin fell in the last days.

It will take time before the bulls come but hopefully BAKKT can trigger that trend so we can feel a good year again. We have time to achieve that if many investors come and BAKKT becomes big for sure the bull is easy to develop. We are still on a downtrend so maybe bitcoin still want to go lower before the launch of BAKKT.

[rdluffy]

It's tomorrow, I'm more happy about Bakkt because it will bring more attention and more people to BTC, and in a long term, for sure the price will follow
But I'm curious about this week , let's see how the market will react

[Darker45]

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 ?

News, just like rumors, sells very fast. When the Bakkt plan was discovered, it quickly spread around the community. And then the launching date was released. Again, it spread fast. There must be some nice pumps caused partly by this big news during that time. But then the launching was put off several times. The hype kind of died down. And here comes the actual launching, there was no more hype left, everybody knows what's going to happen, BTC price is red as well.

In crypto, it has always been the early bird that benefits. Buy the rumor, sell the news as they say, and this aptly applies to this Bakkt thing. If you think that the pump will happen during the actual launching, you are probably wrong, people are selling already. 

[OnceTwiceThird]

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.

But when bitcoin and altcoin price will up again, maybe I heard altcoin season will come on October but true or not we will see how altcoin could raise to higher price or not at the next month.

[Haunebu]

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.

I disagree. When Libra was officially announced, the whole world noticed and it was all over the news and it obviously has a direct relation with BTC. BTC too had a high chance of failing initially, until it took off later on which is why Libra could become a strong contender to BTC in the future.

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.

I agree with you here. Most altcoins are irrelevant now and this can be clearly seen by the high level of dominance by BTC these days(Close to 68%).

[Krislaw]

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 am happy isn't depending on BAKKT, I am just believed Bitcoin as payment on future not as other futures and other stock ever. When i got bitcoin i am not for selling it into fiat or exchange it to other value, whetever will go on, bitcoin still on my wallet. It's done enough for me.

[Herbert2020]

it seems like people these days are wishing for a drop and are way too fast at starting a new discussion about these supposed "falls" each time there is a tiny ignoreable fluctuation in price! it is as if it is their first day seeing a bitcoin chart and have never looked past the previous couple of days on a chart!

what we have been having is not falls nor rises. it is simply fluctuations that at most you can call "sideways" and nothing more. bitcoin will remain within $9500 to $10500 range until the accumulators are ready for the launch upwards toward the $15k mark.

[virasisog]

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 ?

Seems like everybody is waiting for the effect but So far this Bakkt's future launch is having a little effect on the market.
Bitcoin price now is moving around $9800 to $10000. I guess the effect of Bakkt trading will be seen in much longer time period.

[Lucius]

I disagree. When Libra was officially announced, the whole world noticed and it was all over the news and it obviously has a direct relation with BTC. BTC too had a high chance of failing initially, until it took off later on which is why Libra could become a strong contender to BTC in the future.

Only the idea was published, do you know how complex it is to launch such a project? It is completely unrealistic to expect that FB can get all the necessary licenses to run its own currency, and US policy made it clear that it would defend the dollar at all costs. If Libra does not get the green light in US, we can say very clearly that this is a failed project. Libra and Bitcoin never had anything in common, direct relation some people see is only the result of their ignorance.

Your opinion that something which does not exist at all ( and maybe it never will) can become serious competition to Bitcoin is at the very least ridiculous. How any stable coin pegged with fiat currency can be competition to Bitcoin which is a decentralized cryptocurrency?

I don't know if bitcoin is actually going to change hands or if it's all going to be done through derivatives.

Bakkt is about Bitcoin futures that are physically deliverable, and that means that the payments will be made in Bitcoins. But it seems that they had filled their bags long before, so the effect of the launch itself means nothing in terms of price.

https://www.cnbc.com/2019/09/23/nyse-owner-ice-launches-deliverable-bitcoin-futures-contracts.html

[ololajulo]

Bitcoin and its surprises, I just felt that coin can be so unpredictable when the day of launch was approaching. I believe its a distraction for the end of the year baby bull run. We could see a surge by Oct-November towards the year end. Its a manipulative measure for whales to acquire more from the market.

[Nemanjasa]

Price falls because those who were expecting to get rich as soon as Bakkt launches are panic selling.

You got bakkted, losers.

[Artemis3]

Bitcoin and its surprises, I just felt that coin can be so unpredictable when the day of launch was approaching. I believe its a distraction for the end of the year baby bull run. We could see a surge by Oct-November towards the year end. Its a manipulative measure for whales to acquire more from the market.

End of the year baby bull run? Better prepare for the halving bull run...

Why would anyone be surprised after a decade of price fluctuations like these?

In the long run, its been climbing fine. The year started at like 3k~4k, its still quite good.

[Finestream]

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.

Bakkt is quite overrated honestly. Not surprised it went this way.

Why suddenly judge? price fall, that's normal, we've seen this big fall even before Bakkt so we can't blame that to Bakkt launch.
The thing is, most of the investors always think of the short term, that's why they easily panic without realizing the norms in the market that it's volatile and pump and dump are happening, so calm down and relax, price will again correct and we will be seeing it again at $10K.

[maydna]

Perhaps, this is just another adjusted of the price that always happens before the price can increase so high. Usually, if the price is down too deep, the price will be running to a higher rate. So we can expect and hope that the price will be on another bull run that could happen in anytime so if we can use this time to buy bitcoin, we will see a bigger profit later. You don't have to buy bitcoin again if you think that the price will go down deeper than now because that will depends on how we analyze the price and the trends. But I guess that people will still buy bitcoin at now because they see that now, they see an opportunity to get bitcoin at a low price.

[romero121]

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.

Bakkt is quite overrated honestly. Not surprised it went this way.

Why suddenly judge? price fall, that's normal, we've seen this big fall even before Bakkt so we can't blame that to Bakkt launch.
The thing is, most of the investors always think of the short term, that's why they easily panic without realizing the norms in the market that it's volatile and pump and dump are happening, so calm down and relax, price will again correct and we will be seeing it again at $10K.

Whenever there is drop in the price it gets related to something. This time this is being related with the Bakkt launch. Everytime the price drops there won't be any prior indication, it all happens suddenly and further on there will be more analysis on the same. This makes people to relate it to the events scheduled close to the drop.

Week ago when there is drop in price, it was predicted if the resistance level of $9500 gets broken we'll see the price falling low to $8000. By that time the price reached $9500 and bounced back reaching $10200 in a short time. This time that prediction has come true, the price first dropped to $9500, further it has fallen to $8500 very soon.

[NavI_027]

Bakkt was launched but it didn't effect the Bitcoin price in a good way yet. The fall of the price still continues and it is making me curious about when it will stop. I was expecting the opposite reaction from Bitcoin after this news.

Get used to it mate, not all good news inside the crypto sphere makes the price soar high. Actually, the sad truth is that FUDs are stronger market influencers compare to good news/adaptation like this . Besides, the news about Bakkt is no longer fresh. It already lose its hype after its postponement beforw and maybe that is the reason why people seems not interested to it anymore.

[bitbunnny]

I don't think that price fall has anything to do with Bakkt, I would say it's pure coincidence.
Although many expected just the opposite, that Bakkt will bring price rise. However there is no need to be worried or to panic, it's nothing unusual about this price correction, it's just part of volatility so don't look for conspiracy theories.

[killat]

Nothing new here, just whales manipulating the market again using the fear over bakkt the final target is getting more btc cheaper.

Be prepared for some BTC discounts

If you are about to sell any BTC atm.. do it and exit.. otherwise buy or hodl.

[zviadits]

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 ?

Many expected Bitcoin price growth after the launch of Bakkt. Perhaps investors are exploring how Bitcoin futures work and are waiting for an attractive BTC price to buy a lot and than go Bakkt platform, who knows