Bakkt released September 23 Is it going to pump or dump the price? - page 3.

JayJuanGee

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Quote from: cosmofly on September 24, 2019, 09:53:11 AM

Bitcoin's decline has affected Bakkt's launch.
Bakkt's trading volume on the 23rd was too low, about $ 720k, which is a very small number, lower than the altcoins in the top 100.
This is one of the very bad signs of the market, this shows the psychology of speculators are depressed. Will the market continue to dump? anyone agree with me ?

I would speculate that there must be decent BTC price support between $9k and $9,200 - otherwise if $9k is broken then maybe we could see ourselves at least having to test support in the $8k to $8,500 range. I never proclaim to have any soothsaying abilities, so I just go with the flow, including recently having my buy orders set at fairly small increments, so lately with our recent dumpenings my buy orders have been hitting fairly consistently and regularly.

UNOE

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Quote from: cosmofly on September 24, 2019, 09:53:11 AM

Bitcoin's decline has affected Bakkt's launch.
Bakkt's trading volume on the 23rd was too low, about $ 720k, which is a very small number, lower than the altcoins in the top 100.
This is one of the very bad signs of the market, this shows the psychology of speculators are depressed. Will the market continue to dump? anyone agree with me ?

I agree with you there but we can not say it due to the launch of the platform because even with more BTC being added to the volume on bakkt,
the price continues to decrease and is below $9525 while I am posting.
There has to be another underlying factor at play here because it shouldn't continue to dive down $200 a time.
Which is strange from its rise up and its sideways movement over the past six months.

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Bitcoin's decline has affected Bakkt's launch.
Bakkt's trading volume on the 23rd was too low, about $ 720k, which is a very small number, lower than the altcoins in the top 100.
This is one of the very bad signs of the market, this shows the psychology of speculators are depressed. Will the market continue to dump? anyone agree with me ?

bitbunnny

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As for now the price went down but I wouldn't connect that with Bakkt. It's usual correction that is triggered by something else.
I know that many hoped Bakkt will influence on price rise, in significant range even but that didn't happen and I don't think that is going to, can't see what would be the mechanism. So I guess many are disappointed.

Kakmakr

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Does anyone know how the Bakkt price of their coins in their warehouse, would correspond to the Bitcoin price on the open market? Will they base the price on some US regulated exchange prices or will they determine their own price, not linked to the Bitcoin price on the open market?

The SEC was worried about price manipulation from external markets, so I presume this was solved if they approved the application for Bakkt? They wanted 100% regulation and they got it through this venture. Roll Eyes

Please quote the source, if you can answer the question. Wink

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Quote from: BitHodler on September 23, 2019, 07:28:58 PM

Quote from: coolcoinz on September 23, 2019, 12:24:07 PM

It can't cause a dump because it's coming in with empty hands. You need to have coins first to be able to dump them into the market.

Bakkt won't dump, but the 'buy the rumor sell the news investors' will, which doesn't really seem to be the case right now because it's already calculated in the price already. In other words, news is sold already.

What we experience right now is normal price activity, which is just as bearish as it has been for the last couple of weeks. If we dip below $9.6k, I expect another touch $9.3-$9.4k touch which is the horizontal support level of the current formation.

I expect a full break any time soon that will bounce up from $8.5 to possibly $9k to continue making lower lows after some sideways consolidation. Bitcoin's chart looks like it wants to make lower lows badly.

I was also one the many who hopes that Bakkt will bring the btc price to the new level and I was waiting for a year for this to happen but now I'm just really disappointed. Maybe you are right that the rumoured was already bought at the same time where bitcoin has rose $3k to $12k. And I'm also afraid that the halving news catalyst price pump has already happened this year instead of next year but that's just my speculation because I don't know what else would get us to moon and reach new highs.

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Quote from: UNOE on September 21, 2019, 09:33:46 PM

Having this on every crypto minded individual since release of the news broke a couple of months ago I am wondering when it is launched on monday will it pump up the price or drive it down?
https://bravenewcoin.com/insights/bitcoin-price-analysis-network-stats-hit-new-highs-with-bakkt-on-the

The price has decreased about $400 from yesterday so by monday when it officially launches will it have it soar past what it was just 48 hours ago?
I have a feeling it will have a flat effect on the price and might possibly dip lower due to high expectations being dashed out.
Just like when you go into a movie but get out feeling disappointed from what you expected it to be due to it being overhyped.
This can also happen in crypto too with the ICO and IEO have shown us.
The hype up and then the sell off of those coins driving the price down, down , down.

upload

In my opinion, we have reached the tipping point now where Bitcoin has really established itself despite what naysayers may say and is here to stay. In the next 5 years, Bitcoin is going to end up being in every institutional investor’s portfolio.

As for Bakkt, as with most regulated futures contracts, the adoption on the first day is not really that amazing because of the lackadaisical clearance approach by most futures brokers. So I predict that Bakkt will be met with cynicism from most people who will adopt a wait and see approach rather than going all in at once.

In short, Bakkt is going to drizzle then Flood!

BitHodler

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Quote from: coolcoinz on September 23, 2019, 12:24:07 PM

It can't cause a dump because it's coming in with empty hands. You need to have coins first to be able to dump them into the market.

Bakkt won't dump, but the 'buy the rumor sell the news investors' will, which doesn't really seem to be the case right now because it's already calculated in the price already. In other words, news is sold already.

What we experience right now is normal price activity, which is just as bearish as it has been for the last couple of weeks. If we dip below $9.6k, I expect another touch $9.3-$9.4k touch which is the horizontal support level of the current formation.

I expect a full break any time soon that will bounce up from $8.5 to possibly $9k to continue making lower lows after some sideways consolidation. Bitcoin's chart looks like it wants to make lower lows badly.

UNOE

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Quote from: exstasie on September 22, 2019, 05:28:53 PM

Quote from: UNOE on September 21, 2019, 09:33:46 PM

Having this on every crypto minded individual since release of the news broke a couple of months ago I am wondering when it is launched on monday will it pump up the price or drive it down?
https://bravenewcoin.com/insights/bitcoin-price-analysis-network-stats-hit-new-highs-with-bakkt-on-the

Consider the theory "buy the rumor, sell the news." When Bakkt announced the launch date in mid-August, we bounced about $1,500. People bought the rumor. Will they also sell the news?

On the higher time frames (weekly and monthly) the market is coiling for an upside breakout. In that sense, the Bakkt launch could act as a catalyst. I sort of doubt it though. Based on the current price action and indicators, I think we'll have to wait another week or more before bulls start retaking control.

Yet the backed digital asset security platform was announced back in September of last year and this is when alot of non crypto people learned about what an outline of it really was.

https://www.youtube.com/watch?v=1qhENqoFrVI

exstasie

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Quote from: The Sceptical Chymist on September 23, 2019, 11:46:14 AM

Didn't Bakkt launch last night at 8pm EST? That's what I read in the Forbes article that was linked to in some other thread.

Or in other words, 12AM UTC/GMT on September 23rd. Wink

Quote from: The Sceptical Chymist on September 23, 2019, 11:46:14 AM

Anybody know if this is actual bitcoin that changed hands or if it was some sort of derivative? Anyway, I would have expected a much bigger amount for the first day of a new platform that's supposed to be for big-money players. I'll definitely keep my eye on this.

Rome wasn't built in a day. I expect volume to steadily grow. People clowned CME for their volume at launch too but it steadily grew over 2018 and exploded in April/May this year.

These are derivatives but each contract is worth 1 BTC. Unlike the CME market they can be physically withdrawn (like spot BTC) after settlement.

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Well, this issue of bakkt is not new, we had heard this before just months passed but until now it pumps but not huge. This news is essentially recycled and now what will the cause of bitcoin pump upon the opening of bakkt. I believed that bakkt don't have an effect on the market situation, I think as what I have seen in coins market cap bitcoin was dropped slowly and there is no sign of having a pump side. Indeed, let us just wait furthermore result, strong hands will always have benefits.

coolcoinz

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The low volume we're witnessing is a sign of anticipation and uncertainty. Investors are waiting for Bakkt (or its investors) to make the first move. However we look at this, bakkt is a positive news and it will either do nothing or increase the value. It can't cause a dump because it's coming in with empty hands. You need to have coins first to be able to dump them into the market.

The Sceptical Chymist

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Didn't Bakkt launch last night at 8pm EST? That's what I read in the Forbes article that was linked to in some other thread. I had preev pulled up in a tab to check the price after it went live, and it didn't really do much of anything--and as I write this, bitcoin has dropped (marginally) to $9862.

Quote from: erre on September 23, 2019, 08:14:49 AM

28 btc traded on bakkt right now.

The above quote was only written a couple of hours ago, and yeah I'd have to agree that this isn't a huge amount. Anybody know if this is actual bitcoin that changed hands or if it was some sort of derivative? Anyway, I would have expected a much bigger amount for the first day of a new platform that's supposed to be for big-money players. I'll definitely keep my eye on this.

Quote from: LUCKMCFLY on September 23, 2019, 11:39:47 AM

When there is buying interest, the ideal is that the price will lower it, because Strong Hands always buy is Cheap, they never buy expensive.

I guess that's true....but as with any market, there's always a lot of buying and selling going on regardless of the price. You'll always get someone who'll want to buy something in a free market.

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When there is buying interest, the ideal is that the price will lower it, because Strong Hands always buy is Cheap, they never buy expensive. Since the BAKKT has already started, the impact on the market has not been as direct or as instantaneous. What can also happen is that there are new investors, and the price for now may not matter to them and they begin to buy progressively without lowering it, everything is a matter of waiting as time goes by.

el kaka22

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Well, it is a recent thing and we can now finally see how big or small Bakkt is, I have always supported that bakkt was nothing at all and the price wouldn't be changed but we will actually see it now, if the price goes over 12k somehow I would agree that I was wrong, I would even include over 11k if it gets there a bit higher, like 11.5k or whatever instead of just 11.1k but at the end of the day if it goes to just 10.8k or something that is something bitcoin always does, it goes under 10k than goes over 10k and has done that multiple times in the past 3 months if you have been around, that is why I need it to go above like 11.5k so that I can say Bakkt made some difference but I doubt that will happen, I would go as far as saying I would wager on bitcoin price to not go above 12k in the next week.

UNOE

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Well my assumption on how its release on the price of bitcoin was correct. Undecided

Someone mentioned on the wall observer thread had said total traded on the platform has been 28btc.

Which I would have to agree is quite low for a launch of something with so much interest and potential in it for its first day.

Quote from: LFC_Bitcoin on September 23, 2019, 09:36:43 AM

Quote from: erre on September 23, 2019, 08:14:49 AM

28 btc traded on bakkt right now.

I would be very curious about WHO is buying this coins... amounts are pity, but seems like some institutional player was ready to "play" with btc on bakkt launch...

Wow, that’s pathetic.

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For anyone interested, here the links to their monthly and daily futures pages where you can track volumes and whatnot;

https://www.theice.com/products/72035483/Bakkt-Bitcoin-USD-Daily-Futures-Contract/data

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

Don't immediately think it's a failure just because the volumes are low. It just started so let investors walk themselves through verification procedures and check back after a week or month. Rome isn't built in one day either. Wink

casperBGD

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regarding price, release should not influence the price, except if there are some bad news regarding implementation, because it was a known fact, and price influence were included in price when it is announced, now is too late to trade it, that is my opinion

Kakmakr

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The Bakkt investments on it's own will not "push" up the price, because the Bakkt trading volume are not used to determine the Bitcoin price. We have several large exchanges that are used to determine the price. Roll Eyes

The launch started with a very low trading volume, but that was expected. Traders will not just jump into a new trading instrument after it's launch, because they first want to see what other traders are doing. Bakkt also bought all the bitcoins for the warehouse long before this warehouse was launched, so this will not cause a large "demand" on exchanges now to bump up the price. Wink

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I have always said that I never trusted bakkts affect on people, it is not something big and its not getting any attention, we are not talking about JPMorgan or anything that size, bakkt is a small timer compared to those places who have bigger assets outside of USA let alone in it.

Hence, the reality is that bakkt will start, maybe get some people involved but in the end it will be nothing too impactful on bitcoin itself and just slowly diminish its affect on bitcoin. That is just my thought tho, maybe I am super wrong, maybe bakkt will change the sphere of bitcoin and the price will be 50k, I just don't see it. If you ask me the halving has a ton more impact on bitcoin than bakkt could ever hope for, with halving we will at least have less mined coins every day.

Topic: Bakkt released September 23 Is it going to pump or dump the price? - page 3. (Read 662 times)