Over the past 12 months, a large number of participants within the crypto markets have indeed been looking towards the official launch of Bakkt as a potential event that will on-board a considerable number of institutions to the crypto markets, therefore catalyzing the next major Bitcoin bull movement.
Currently, the markets are just a few days away from the launch of this platform, and analysts are very closely watching to see how the introduction of physically settled futures could affect Bitcoin and the aggregated crypto markets in the near-term.
Bakkt Launch Nears, But How Will It Impact the Crypto Markets?
Bitcoin has actually been caught in a bout of sideways trading over a recent number of days and weeks, varying between the lower-$9,000 region and the upper-$10,000 area, with significant support at the previous price level and resistance at the latter.
This sideways trading, however, might quickly come to an end as Bakkt’s launch looms on the horizon, with their physically settled Bitcoin futures platform releasing on September 23rd.
Some analysts think that the launch of Bakkt corresponds carefully with the apex of the large triangle that BTC is currently trading within, which may suggest that the platform’s launch will happen as the crypto makes a massive shift, but it is unclear as to whether this correlation will relate to causation.
John McAfee, an outspoken crypto bull, kept in mind in a current tweet that he believes the launch of Bakkt might jump-start widespread crypto adoption.
BAKKT goes live tomorrow. It is an institutionalized exchange so I won’t be using it, but institutions will feel a level of trust that they had not had. It could jump-start CRypto adoption. But remember – it is the opposite of freedom’s movement.
— John McAfee (@officialmcafee) September 20, 2019
He further added that he had mixed up the the date of the platform’s launch, as it in actuality launches on Monday, not tomorrow as detailed in his tweet.
Bakkt Could Improve Institutional Trust of the Cryptocurrency Markets
Thomas Lee, a well known cryptocurrency analyst and a significant Bitcoin bull, declared in a recent tweet that he feels the launch of Bakkt will majorly rise institution’s trust of the crypto markets.
“I am very positive on @Bakkt and its ability to improve trust with institutions to crypto,” Lee explained.
— Thomas Lee (@fundstrat) September 20, 2019
Presuming that the launch of Bakkt is met with great success and utilization, and by all indicators, it definitely should be, it has the potential to trigger an influx of fresh capital into the markets, which could in turn significantly boost their overall performance for the back end of 2019.
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