Topic: Bakkt is coming: will this be biggest crypto week ever and set off bull run? (Read 749 times)

Can't agree more.

Everyone should have that patience we had even before.

It was definitely obvious to a degree but it wasn't this obvious. I mean I didn't expected Bakkt to make a big impact on bitcoin so I was kinda right but even on my imagination the "not a big impact" was like it would have SOME impact, like a very tiny small one. This really turned out something really wasn't worth even a topic instead we got like topics every single day and messages about it every single hour and in the end there was less volume in dollar terms than there was news articles and messages combined.

There is really nothing that makes this bakkt a thing that we should talk and we are still doing it even after the fact that it turned out to be nothing. Lets hope that it gets bigger and bigger because right now it literally has zero affects on bitcoin.

that's the thing though, people are jumping to conclusion too fast about Bakkt. it is brand new and it was not supposed to bring waves of people in the first day of its launch although it was hyped up a lot.

in my opinion the minimal things that happen with things like Bakkt is that they remove a lot of false information in the minds of everyone who has ever heard the name "bitcoin". for example how could it be "fraud" (according to JPMorgan) and still be used by a ton of legitimate places?! and that is the biggest achievement if you ask me, even bigger than bringing institutional investors!

Seconded.

@buwaytress I’ll be honest a while ago I was keenly awaiting Bakkts launch, as I believed it would propel bitcoin prices upwards but later on when I saw it was continuously being delayed I stopped focusing on it. I’m not surprised to see bitcoin prices have not reacted at all to it’s launch, however I do believe that in the long run it has the potential to power up bitcoin prices.

So how many people saw this coming? The ones that ignored standalone news in favour of seemingly solid charting technicals? Or the ones that knew Bakkt wasn't as anticipated as people wanted to say they would be?

I wonder how the Tom Lees feel like now. Cause if their followers were truly people waiting for the likes of Bakkt to come... well, it's here.

I'll tell you what happened: institutional money didn't wait. They went in a while back;)

Then they're silly billies.

Most people on this forum are interested in Bitcoin because it might provide them with one thing - more dollars.

That's doubly or triply the case for high rollers. Trading to wind up with BTC is going to be niche however you wish to look at it.

It's cool that it exists and one day it will be a powerful market factor but it could be a considerable wait.

I'm not watching other charts than bitfinex and bitstamp so probably my info is not accurate but I see the volume being a fraction of what it used to be in June July, so there is no much panic as probably boredom, really not so much trading going on compared to previous months.

Actually, even looking at the chart on CMC (which I know is as fake and inflated as possible) I see this:


 
So, I'm pretty sure that if we eliminate the usual fake volume coming from the former chinese exchange and the ones nobody heard of but are claiming trillions we might end up with only a third of the previous month's volume.
And this will probably be the trend for some time...until. ....something happens. What that might be, I have no clue.


Common, look back at the topics about bakkt.
Bakkts launching, moon, such wow, were the dominant things in every one of them, almost everybody was sure the price will spike, physical bitcoins, contracts, money, Wallstreet...
Now everybody is...let's take it slowly, it takes time, even 2 bitcoins per hour is huge!!

Why are we trying to fool ourselves?
90% at least expected a price hike and now, 90% says a spike was impossible, let's take things slowly...
Remember this?

I also believed in an irrational spike (as I dislike Bakkt a lot), I was quite sure the FOMO would push the price at least 30-50% percent up because this is usually how things happen here, when hype kicks in nothing can stop it but when I saw the price declining and I saw the volume on Bakkt, wht a f joke!!!!

it seems like for these couple of days that Bakkt launch is still fresh there is more panic in the market than anything else possibly it is either because of the fact that weak hands think it is the end of the hype and expected drop so they panic sold before it happened and caused this drop or their panic is because it is Futures and they were scared of its effects on price. whatever the reason we are seeing the panic take its toll on the price but still incapable of pushing it down below the previously tested bottom.

True, I don't understand why people think that the price will suddenly shoot up. Investors are still in the waiting game, sort of like observing what the market sentiments will be before starting to make their move. So we need it some time to develop and let the investors make their decisions in the next couple of weeks.

We can't compare them to other future contracts (CME and CBoE) because that time we are in a bullish market and there's a lot of hype behind them as compare to Bakkt wherein in the beginning stage there was so much hype and media was all over making noises that this is supposed to be the catalyst.

Since Bakkt launched yesterday, the market has dumped ~4.5%. "Buy the rumor, sell the news" strikes again!


CME's volume was disappointing at first too but it's grown significantly over the past 1.5 years. The monthly volume from January 2018 to May 2019 went up more than 1000%. Give it several months or a year.

Many are because it was opposite to what most expected.

And right now on internet, I see a lot of altcoiners and no coiners making fun of 'bitcoin bakkt to the moon' because of the tank.

https://www.theice.com/products/72035464/Bakkt-Bitcoin-USD-Monthly-Futures-Contract/data?marketId=6137541

Been almost a day and only 70 contracts traded so its 70 BTC. There is also the daily contracts which only had 2 contracts trade. So very little interest we can see so far.

I think we got to give it time. Maybe not all brokers have been able to list it yet for trading. We will see what happens in a few weeks time, but so far the results are pretty disappointing.

Most likely if it continues with this little volume, they will just delist them.

People are way expecting too much into these kind of events.Yes, it do looks good yet we know this Bakkt is involved but not all fundamentals would works as it should be.
We are seeing the current situation at this moment where price is decreasing and as you said lots do get disappointed on whats happening right now.Nothing special nor shocking because anything can happen from time to time.Things doesnt happen anytime on what we do anticipated and this is what makes this market is soo unpredictable.

No. Market have tanked.

I think many are disappointed now. Expectations from Bakkt were big, many hoped for bull run but so far effect is just the opposite.
I'm not saying that current corrections is related to Bakkt but obviously positive effect didn't happen. But don't rush with too many negative conclusions, let's wait for a while to see how the situation will develope.

Hahaha what a major fail. Years of anticipation and big talk about big investors and institutional money accessing Bitcoin, then it finally goes live it puts out a daily trade volume of 50 BTC.
Big money can't even be bothered to put down $500k in Bitcoin...
And you guys still believe Bitcoin has not failed? LMAO!

Beg to disagree about the Bakkt scenario pushing the price for another bull run. On the contrary it could bring a tragic scenario wherein the price will go down further. I don't want to bearish about Bakkt, but it seems that's what we are seeing right. As for the halving, lets wait till May, but let me remind you that the price won't go and increase over night though, takes years again before we can finally a massive bull run similar to 2015-2017.

For a moment just forget about the impact of bakkt on bitcoin price. Think of the adaption Bakkt will bring. There will be so many new investors who will be investing in bitcoins through Bakkt. When you will see more people using bitcoins its demand will automatically increase and since we all know that bitcoin quantity is fixed, the price can shoot up very high in very small amount of time.
Both Bakkt and the bitcoin halving are enough to start the another bull run.

It's pretty obvious that there's some kind of manipulator from either whales and institutional corporation who have been inside the market prior to bakkt. The price is just hovering around the $10k, so sorry for those who expects something big is going to happen because big players have change the game and put it to their advantage. As you have said, richer becoming rick as f**k. That's how it is and us average joe's just need to swim with them.