BAKKT launching tomorrow but BTC price falls? - page 3.

Finestream

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Quote from: NeuroticFish on September 22, 2019, 07:47:06 AM

Quote from: lightningmelo on September 22, 2019, 07:39:21 AM

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

"Buy the rumor, sell the news".

Well said!
Also people tend to forget that Bakkt news were used (or attempted) for pumping the price, almost nobody seems to be impressed anymore.

Bakkt is quite overrated honestly. Not surprised it went this way.

Why suddenly judge? price fall, that's normal, we've seen this big fall even before Bakkt so we can't blame that to Bakkt launch.
The thing is, most of the investors always think of the short term, that's why they easily panic without realizing the norms in the market that it's volatile and pump and dump are happening, so calm down and relax, price will again correct and we will be seeing it again at $10K.

Artemis3

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Quote from: ololajulo on September 24, 2019, 03:35:12 PM

Bitcoin and its surprises, I just felt that coin can be so unpredictable when the day of launch was approaching. I believe its a distraction for the end of the year baby bull run. We could see a surge by Oct-November towards the year end. Its a manipulative measure for whales to acquire more from the market.

End of the year baby bull run? Better prepare for the halving bull run...

Why would anyone be surprised after a decade of price fluctuations like these?

In the long run, its been climbing fine. The year started at like 3k~4k, its still quite good.

Nemanjasa

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Price falls because those who were expecting to get rich as soon as Bakkt launches are panic selling.

You got bakkted, losers.

ololajulo

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Bitcoin and its surprises, I just felt that coin can be so unpredictable when the day of launch was approaching. I believe its a distraction for the end of the year baby bull run. We could see a surge by Oct-November towards the year end. Its a manipulative measure for whales to acquire more from the market.

Lucius

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Quote from: Haunebu on September 23, 2019, 02:23:29 AM

I disagree. When Libra was officially announced, the whole world noticed and it was all over the news and it obviously has a direct relation with BTC. BTC too had a high chance of failing initially, until it took off later on which is why Libra could become a strong contender to BTC in the future.

Only the idea was published, do you know how complex it is to launch such a project? It is completely unrealistic to expect that FB can get all the necessary licenses to run its own currency, and US policy made it clear that it would defend the dollar at all costs. If Libra does not get the green light in US, we can say very clearly that this is a failed project. Libra and Bitcoin never had anything in common, direct relation some people see is only the result of their ignorance.

Your opinion that something which does not exist at all ( and maybe it never will) can become serious competition to Bitcoin is at the very least ridiculous. How any stable coin pegged with fiat currency can be competition to Bitcoin which is a decentralized cryptocurrency?

Quote from: The Sceptical Chymist on September 22, 2019, 02:42:04 PM

I don't know if bitcoin is actually going to change hands or if it's all going to be done through derivatives.

Bakkt is about Bitcoin futures that are physically deliverable, and that means that the payments will be made in Bitcoins. But it seems that they had filled their bags long before, so the effect of the launch itself means nothing in terms of price.

https://www.cnbc.com/2019/09/23/nyse-owner-ice-launches-deliverable-bitcoin-futures-contracts.html

virasisog

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Quote from: maxttilt on September 22, 2019, 12:54:53 AM

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 ?

Seems like everybody is waiting for the effect but So far this Bakkt's future launch is having a little effect on the market.
Bitcoin price now is moving around $9800 to $10000. I guess the effect of Bakkt trading will be seen in much longer time period.

Herbert2020

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it seems like people these days are wishing for a drop and are way too fast at starting a new discussion about these supposed "falls" each time there is a tiny ignoreable fluctuation in price! it is as if it is their first day seeing a bitcoin chart and have never looked past the previous couple of days on a chart!

what we have been having is not falls nor rises. it is simply fluctuations that at most you can call "sideways" and nothing more. bitcoin will remain within $9500 to $10500 range until the accumulators are ready for the launch upwards toward the $15k mark.

Krislaw

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Quote from: maxttilt on September 22, 2019, 12:54:53 AM

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 ?

I am happy isn't depending on BAKKT, I am just believed Bitcoin as payment on future not as other futures and other stock ever. When i got bitcoin i am not for selling it into fiat or exchange it to other value, whetever will go on, bitcoin still on my wallet. It's done enough for me.

Haunebu

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Quote from: Lucius on September 22, 2019, 09:23:08 AM

Libra has nothing to do with Bitcoin, it is just an idea on paper with a high chance of failing. Yet complete ignorance of the good part of the crypto community regarding Libra perhaps influenced the increased demand at one point, but the price is starting to go up in moment someone (Bakkt) is start to pump money in Bitcoin.

I disagree. When Libra was officially announced, the whole world noticed and it was all over the news and it obviously has a direct relation with BTC. BTC too had a high chance of failing initially, until it took off later on which is why Libra could become a strong contender to BTC in the future.

Quote from: Lucius on September 22, 2019, 09:23:08 AM

In a time of stability which we have right now, supply and demand are almost equal - it just shows that cheap coins are not too interesting for most investors.

I agree with you here. Most altcoins are irrelevant now and this can be clearly seen by the high level of dominance by BTC these days(Close to 68%).

OnceTwiceThird

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Quote from: virasog on September 22, 2019, 01:17:56 AM

Quote from: maxttilt on September 22, 2019, 12:54:53 AM

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 ?

Do not worry, the prices will be up again. As you know in crypto, the prices rises on the basis of the news and more often dump on the actual event day. The same is happening with bitcoin prices currently. I am sure once the actual trading will start at Bakkt, it will be hard to find bitcoin again at 10,000 Dollars.

But when bitcoin and altcoin price will up again, maybe I heard altcoin season will come on October but true or not we will see how altcoin could raise to higher price or not at the next month.

Darker45

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Quote from: maxttilt on September 22, 2019, 12:54:53 AM

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 ?

News, just like rumors, sells very fast. When the Bakkt plan was discovered, it quickly spread around the community. And then the launching date was released. Again, it spread fast. There must be some nice pumps caused partly by this big news during that time. But then the launching was put off several times. The hype kind of died down. And here comes the actual launching, there was no more hype left, everybody knows what's going to happen, BTC price is red as well.

In crypto, it has always been the early bird that benefits. Buy the rumor, sell the news as they say, and this aptly applies to this Bakkt thing. If you think that the pump will happen during the actual launching, you are probably wrong, people are selling already.

rdluffy

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It's tomorrow, I'm more happy about Bakkt because it will bring more attention and more people to BTC, and in a long term, for sure the price will follow
But I'm curious about this week , let's see how the market will react

samcrypto

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Bakkt is launching tomorrow so we will just wait and after the launch I believe Bitcoin will start to rise. This time, this rise will be a bull run also I think. However I don't know why Bitcoin fell in the last days.

It will take time before the bulls come but hopefully BAKKT can trigger that trend so we can feel a good year again. We have time to achieve that if many investors come and BAKKT becomes big for sure the bull is easy to develop. We are still on a downtrend so maybe bitcoin still want to go lower before the launch of BAKKT.

LUCKMCFLY

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Normally, whales always buy cheap, so it is possible to expect a fall, but as new investors will come from many of Wall Street, some will take the initiative to buy regardless of the price, only with the intention of acquiring them, or it may be Nothing happens for now, and everything is progressive and adds large sums of Bitcoin purchases over time.

Kakmakr

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Well, I would presume that most of the bitcoins that are stored in the Bakkt warehouse have been bought months ago, when they started with this project, so we will not see any huge bump in the price when Bakkt goes live tomorrow. If on the other hand, Bakkt is very popular and institutional investors starts to buy loads of coins, then Bakkt will be forced to buy a lot more coins and that will push up the price.

Let's also not forget that whales expect the price to go up tomorrow.. so they might have dumped some coins to manipulate the price to buy some cheap coins before the price goes to the Moon. Roll Eyes

The Sceptical Chymist

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Quote from: virasog on September 22, 2019, 01:17:56 AM

As you know in crypto, the prices rises on the basis of the news and more often dump on the actual event day.

Yeah, events, rumors, and news are usually already priced in by the time they happen, but Bakkt is going to allow big-money traders to get into bitcoin--so I don't think that sort of thing can be priced in ahead of time. What I'm not sure of either is how much Wall Street (and other deep pockets) are going to trade and how that's going to affect the price of bitcoin. I don't know if bitcoin is actually going to change hands or if it's all going to be done through derivatives.

I did not realize tomorrow was the launch, since all the news about Bakkt I've heard has come from this forum, and I don't remember anyone mentioning a date. Should be very interesting to see what happens.

Quote from: finaleshot2016 on September 22, 2019, 02:16:49 PM

Here's the graphical movement of bitcoin this past few days. Bitcoin was already going down but after many days, it will rise up again.

Meh, it's been flat for a while now. There's been no movement with any momentum behind it, and the ups and downs we've seen are just normal market fluctuations.

finaleshot2016

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Here's the graphical movement of bitcoin this past few days. Bitcoin was already going down but after many days, it will rise up again. We all know that bitcoin wasn't really stable. I think you just based the assumption on this day? If you're going to speculate something, you should check the whole week or even months if the bitcoin will still increase or decreases. I can say that this is just a normal routine for bitcoin so chill out.

I don't know what BAKKT really is but I already read some articles about it that it will help Bitcoin to grow. Too good to be true but I'm hoping that's legit because it's what we really wanted.

qiman

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This is what happens as usual, buy the rumor and sell the news. Hopefully though in the near future this will become a catalyst for more big institutions to be pouring in money into Bitcoin and other Crypto currency assets and blockchain projects at large. I think by 2021 we should see another boom in the price of Bitcoin but how much can it go up from here? All depends on how many people see it as a store of value or how many new people will decide to use it for shopping etc. Only in the future we will know of course.

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Quote from: maxttilt on September 22, 2019, 12:54:53 AM

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 ?

imo, when you buy bitcoin, whales and traders are taking the other side of your bet and trading against you. this prevents any type of price manipulation from someone with deep pockets, so they can't "buy" the market. Example If some entity buys 10000 btc, whales and traders are not going to let them come in buy, pump the price because of the thin books, drive the price up and let them take profits. whales will sell and drive the price down and make the buyer sweat it out and make them work for their profits(baghold). same goes for selling, you sell 10000 btc the price is going to most likely go up and not let you buy back at a lower price to immediately wash rinse repeat. so I look at bakkt in this way, if the price dumps tomorrow, this means people are buying, but the traders are trading against the new money. if price goes up that means there are people selling the news and whales are buying.

maydna

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It's no problem if bitcoin price is going down again in this time because, in a long time, the price will be back to increase. If the price can go down again, the chance for us to see the high price will be wide open, and I guess that we don't need to wait for a very long time. After the price down, it will start to increase after the price sideways for a moment so we could expect that will trigger the bull run to come. That is only a prediction, and we don't know what will happen later, and we need to be patient yet.

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