Somewhere between ‘wen moon’ and ‘wen Bakkt’ we grew up.
Just as it seemed like Bakkt would never see the light of day, at 11:15 AM Eastern Time, this happened.
Bakkt broke the news that it has finally got the green light from CFTC to launch its physically-settled Bitcoin Futures trading platform.
At the time of the news, experts were calling for $9,000 BTC with the bearish trend continuing over the weekend.
Minutes after Bakkt made its grand re-entry into the news, Bitcoin price spiked from near $10,000 to a just under $10,500.
Notable Cryptocurrency Influencer and Co-founder or Morgan Creek Digital, Anthony Pompliano said (regarding the Bakkt news) that the future is being built in front of our eyes.
With Bitcoin getting a quick price surge to $10,500 after the news, it seems like the World’s largest Cryptocurrency has broken its bearish trend and will keep testing the $9,500 and $10,500 range for a while.
Interestingly, many traders are calling out for a drop in BTC price after the Bakkt scheduled launch on September 23rd.
@CryptoChartsJoe predicts a market selloff on the D-Day as well.
While liquidity and price movements up till September 23rd will benefit short term traders, in the long term, a physically-settled Bitcoin platform like Bakkt is overwhelmingly bullish for Bitcoin.
What do you think? Does Bakkt make you Bullish or Bearish about Bitcoin?
We’d love to know your thoughts below.