Right now, there is a possibility that the support of $7,400 can be broken due to the news about Binance's office getting raided by Shanghai authorities. Although Bakkt could bring legitimacy to blockchain, Bitcoin and other cryptocurrencies, I honestly believe it won't make such an impact in the crypto market right now. But maybe in the long run, it could be possible but no guarantees.
Just like the time when Bakkt started, the impact of the things that this platform is offering to the public can not be felt here and now but will be a slow process. And that is actually good since we are already tired of this sudden up and sudden down nature of this asset. Bakkt is about the long-term much more so that we are talking here of institutional investors. On a personal level, am now believing that platforms like Bakkt and even the famous ETFs in case they can be approved by SEC will not be helping Bitcoin grow tremendously but will instead limit its growth.
Talking about that Binance debacle. Thinking about it right now, I could not really believe that until now even if China has not yet recognized Bitcoin and cryptocurrency, the country still has a big impact on this industry. I don't understand why would Binance will not first seek all the clearance from the government before doing an operation in China. These guys are just courting a big disaster and now it is affecting all of us. What a crap!
