BAKKT launching tomorrow but BTC price falls?

[Darooghe]

Sure bakkt keeps a lot of people from taking bitcoin as serious as we'd like. the need for "physical" BTC will eventually means that demand and price will increase. The thing to watch with Bakkt is volume. If the volume is high, eventually the price will rise even if the contracts are being used primarily to short. In my opinion Bakkt was disappointing the first day with only 73 contracts/BTC, but I think it will start gaining volume as the time goes by. Yesterday it made 142 contracts and today already 155.

[Dread Pirate Roberts]

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

"Buy the rumor, sell the news".

golden and many people are still hoping for such news and ignoring the reality.

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 of the news's assumptions are related to the price of bitcoin, although in the end it does not affect anything at this time of the downtrend. This is why bitcoin cannot be predicted from just news. because there are many moments like this and still do not have a significant impact to crypto market.

[Digitalbitcoin]

BAKKT is taking the world towards a new economy. Maybe this is a reason behind this big fall of price globally.

To be honest, BAKKT is basically offering a platform which completely centralized as BAKKT is future Bitcoin Index price offering stock exchange and custody for digital assets and still testing. Also waiting for regulations.

[target]

Guys, did everyone really think that launching BAKKT would be an instant bomb for the growth of the Bitcoin exchange rate? This is a huge step for the entire crypto community,  for the entire cryptocurrency ecosystem. But in my opinion, this event should now strengthen a certain platform from which further ascent will begin. And we will still see volumes, there is no doubt about it.

I too had high hopes that BAKKT will pull the price up just when its going to be launched. Sadly it didn't happen. There were talks that its just too hype and the excitements of the trader were now gone after its launched postponed several times.

Bakkt they said will bring more investors in crypto including those finance firms but then again, they were already here in crypto long before BAKKT.

[NewBet]

I must admit I thought the price was going up after BAKKT launch but apparently it's going down. It just needs a few more months before we sky rocket to the moon.

[Mulann2]

why most people attributing btc fall with bakkt lunch? btc has falling so many times in the past and come back strong or more stronger, all that while bakkt was not lunch or in existence, the only thing bakkt did wrong is lunching at a not so favorable period,
bakkt is not the reason for this fall. it was time for the market to do some corrections.

[micalith]

I guess we got tricked by influencers. They kept saying that the institutional investors are coming. When we realized that it is not that high demand, price dropped. Now we are back to normal and bitcoin will follow its normal path.

[error08]

why most people attributing btc fall with bakkt lunch? btc has falling so many times in the past and come back strong or more stronger, all that while bakkt was not lunch or in existence, the only thing bakkt did wrong is lunching at a not so favorable period,
bakkt is not the reason for this fall. it was time for the market to do some corrections.

But something intrigues the correction, bitcoin price drop $2000 within 2 days? something fishy must be going on somewhere, and the time was right with Bakkt futures launched. So, people speculate that bitcoin price suddenly spikes in May-June 2019 because of Bakkt bought bitcoin to store in their warehouse, and when the time it's officially launched, they purposely sell bitcoin maybe to lure investors to join in the game due to Bakkt bitcoin futures contract is different from other cash-settled bitcoin futures as Bakkt have physically-delivered bitcoin.

[finaleshot2016]

Guys, did everyone really think that launching BAKKT would be an instant bomb for the growth of the Bitcoin exchange rate? This is a huge step for the entire crypto community,  for the entire cryptocurrency ecosystem. But in my opinion, this event should now strengthen a certain platform from which further ascent will begin. And we will still see volumes, there is no doubt about it.

I still doubt it because until now, there's nothing happening on the BTC price movement, it's getting lower and lower.

The current price of 1 BTC is 7981.51$ and still going lower when the time goes by. So the real effect of BAKKT was the opposite? do they really intend to this and it's their hidden goal?

[UNOE]

Guys, did everyone really think that launching BAKKT would be an instant bomb for the growth of the Bitcoin exchange rate? This is a huge step for the entire crypto community,  for the entire cryptocurrency ecosystem. But in my opinion, this event should now strengthen a certain platform from which further ascent will begin. And we will still see volumes, there is no doubt about it.

I still doubt it because until now, there's nothing happening on the BTC price movement, it's getting lower and lower.
The current price of 1 BTC is 7981.51$ and still going lower when the time goes by. So the real effect of BAKKT was the opposite? do they really intend to this and it's their hidden goal?

The failure of bakkt has been felt around the cryptospace and those who are saying otherwise are just fooling themselves into believing it had nothing to do with the price falling over 25% since its launch exactly one week ago at around this time.
We have a thread which has some serious discussion and viewpoints of others who wanted to weight in its outcome so far. Both the good and the bad. Even though I haven't seen much good come out of it just yet.
Comment on it and you might get the answer you seek from the very informative group who have viewed the thread thus far.
https://bitcointalk.org/index.php?topic=5186550.60

[Anonylz]

Neither do I, let's be honest here, we all ready know how btc price operates from time to time, if you think this price dump was as a result of bakkt been lunch few days ago, then how would you attribute the price dump of $3k? Was that because of bakkt too or all the previous price dump,
the only thing I see is disappointment from those who where expect a price pump with the coming of bakkt but since that did not happen, it result to the blame game,
Who knows if bakkt was not lunched at this time btc will still dump in price and nothing to be blame.

[putukin]

Neither do I, let's be honest here, we all ready know how btc price operates from time to time, if you think this price dump was as a result of bakkt been lunch few days ago, then how would you attribute the price dump of $3k? Was that because of bakkt too or all the previous price dump,
the only thing I see is disappointment from those who where expect a price pump with the coming of bakkt but since that did not happen, it result to the blame game,
Who knows if bakkt was not lunched at this time btc will still dump in price and nothing to be blame.

Bakkt has become a kind of provocation. It seems to me that small traders who believed that the Bakkt will become a key point for the growth of Bitcoins have suffered. This is a very sad situation because so many people have lost money.

[jsgonzales]

well.. it looks like it went down because of the cme bitcoin futures.. price manipulation as always. https://www.tradingview.com/symbols/BTCUSD
i already think this idea with bitcoin futures or etfs is not the best, cause big money can push the price where they need

[teosanru]

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 ?

It's because BTC was already showing signs of bearishness even before the launch of Bakkt. Moreover I think these days news have pretty less impact on the price of BTC. Most of the price elasticity of BTC is due to the big whales dumping and pumping. Moreover talking about Bakkt bitcoin futures they aren't really showing any significant volume or trade-ability. Nobody seems interested in them. Moreover some people argue that the Dump was due to the delaying of ETF decision made by SEC recently. So I think price just goes it ways around and people then try to find excuses for that.