How Bakkt will influence Bitcoin price?

legendster

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Quote from: Morguk on September 27, 2019, 05:00:06 AM

I don't think Bakkt will directly influence the price of BTC at all. However in the future when bigger players want to dabble in crypto, say as the next bull run comes, then they might want to be able to use Bakkt for institutional plays. That's when it will indirectly increase the price of BTC.

Just a few days ago people were losing their marbles as they were harking the launch of Bakkt and how it coincided with a falling wedge pattern on the 4 hour scale of the BTC/USD chart. It really looked that way for a while and then we all know how it went kaput.

If I am not wrong, this is the largest slide of Bitcoin this year and it directly coincides with the launch of Bakkt. So if you say that Bakkt will not directly influence Bitcoin prices, then I would like you to reconsider your opinion. Because all this cannot be just a coincidence.

Reid

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I dont think so.

But there will be a lot of movements.
Who knows how every human being thinks? I am looking at some of them buying this Bakkt in exchange for their bitcoin.
For me it could be a foolish move for it is just like riding the hype which happened before with Wave.

Give it three months maybe then it will be back to normal. Also, this is just some normal movement for bitcoin. The abnormal is going 20k again. Grin

1Referee

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Quote from: BitHodler on September 28, 2019, 05:57:02 AM

I would love to have that be the case, but I doubt it. It's not that retailers or institutions experience problems entering this space without Bakkt. It can be done through the many spot exchanges or through derivatives.

There is a shortage of legacy institutions offering a secure and more importantly, trusted way to buy Bitcoin. I have been in Bitcoin for years now, and I still don't feel too comfortable wiring money to any of the current top regulated crypto exchanges. I'm pretty sure that a lot of people are only willing to step in when they see the household brands of the legacy financial world offer these services.

People have ridiculous expectations of Bakkt so early on. Calm down. I am confident that Bakkt will do at least 1000BTC per day on their monthly contracts before the block halving kicks in. That means brokerages have had the time to sign up to Bakkt, get the paperwork done, and offer these futures to their own clients. The more brokerages tap into Bakkt's platform, the more clients there are to reach who not knowing what Bakkt is.

BitHodler

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Quote from: Herbert2020 on September 28, 2019, 05:18:02 AM

the thing about Bakkt is to introduce bitcoin to a new crowd not to those who already knew about it or were using it before. so it should technically bring new demand into the bitcoin market.

I would love to have that be the case, but I doubt it. It's not that retailers or institutions experience problems entering this space without Bakkt. It can be done through the many spot exchanges or through derivatives.

It's important to highlight the fact that not everyone is interested in Bitcoin for its fundamentals, which means that they have no problems holding derivatives with how they are only out to capture the exposure.

I surely believe that not everyone is open to invest in Bitcoin, but it's hard to imagine that people don't know of Bitcoin's existence yet, unless they have been living under a rock.

Herbert2020

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Quote from: serjent05 on September 27, 2019, 04:40:15 PM

Quote from: Morguk on September 27, 2019, 05:00:06 AM

I don't think Bakkt will directly influence the price of BTC at all. However in the future when bigger players want to dabble in crypto, say as the next bull run comes, then they might want to be able to use Bakkt for institutional plays. That's when it will indirectly increase the price of BTC.

It will directly influence the price of BTC since they are trading Bitcoin backed futures (meaning they can give or take certain demand out of the Bitcoin market). But to what extent is still unknown. We see BAKKT is still on its intial stage of gathering clients, so we do not see any substancial effect of it on the market. I think we a bit of patience to see the actual affect of this platform to the Bitcoin industry.

the thing about Bakkt is to introduce bitcoin to a new crowd not to those who already knew about it or were using it before. so it should technically bring new demand into the bitcoin market. but we can't really expect it to happen overnight or in the first week of their launch. it will be a slow process but it will bring in new investors and will definitely introduce bitcoin to a much larger crowd.

senne

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The recent correction in the price of bitcoin is indeed because of the underwhelming response from the bakkt. But this doesn't mean that the situation won't change in future. Bakkt is the first Bitcoin futures trading platform which is federally regulated. It was the lack of regulatory framework which kept institutional investors at bay. But bakkt gives a safe platform and solves the purpose. This is surely gonna bring in institutional money in the system.

Though the recent slump did show that there isn't much correlation between the btc price and the bakkt. But that is purely because of the not up to the point response. This is expected to change in future.

vintages

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Quote from: Morguk on September 27, 2019, 05:00:06 AM

I don't think Bakkt will directly influence the price of BTC at all. However in the future when bigger players want to dabble in crypto, say as the next bull run comes, then they might want to be able to use Bakkt for institutional plays. That's when it will indirectly increase the price of BTC.

I feel it will be more indirectly than directly.
We can not however judge it effectiveness on Bitcoin price because it is on it early stage.
On the long run, we will be quite sure to certain level whether it influence on Bitcoin price is been natural and not hyped.

serjent05

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Quote from: Morguk on September 27, 2019, 05:00:06 AM

I don't think Bakkt will directly influence the price of BTC at all. However in the future when bigger players want to dabble in crypto, say as the next bull run comes, then they might want to be able to use Bakkt for institutional plays. That's when it will indirectly increase the price of BTC.

It will directly influence the price of BTC since they are trading Bitcoin backed futures (meaning they can give or take certain demand out of the Bitcoin market). But to what extent is still unknown. We see BAKKT is still on its intial stage of gathering clients, so we do not see any substancial effect of it on the market. I think we a bit of patience to see the actual affect of this platform to the Bitcoin industry.

Quote from: Ayiranorea on September 27, 2019, 03:14:37 PM

Quote from: Deborah Christine on September 27, 2019, 03:17:08 AM

In my opinion Bakkt will affect the price of bitcoin. The price of bitcoin will experience a sharp increase. Because Bakkt is a crypto platform created by large and trusted companies and this has the potential to attract large capital to the crypto market. The demand for bitcoin will increase and prices will increase.

Majority of the users believed everything that has been stated by you will take place by the launch. To the expectation it hasn't gained good support. Less than 100 bitcoin got distributed through the futures contract. Some play has been performed to outlaw the progress of Bakkt. It is a very early stage. Hope things will change slowly when the market slowly recover from the immediate drop.

I believe Bakkt had been accumulating on its early phase, so when it launched the Bitcoin needed is ready to fill the demand of their initial clients.

Ayiranorea

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Quote from: Deborah Christine on September 27, 2019, 03:17:08 AM

In my opinion Bakkt will affect the price of bitcoin. The price of bitcoin will experience a sharp increase. Because Bakkt is a crypto platform created by large and trusted companies and this has the potential to attract large capital to the crypto market. The demand for bitcoin will increase and prices will increase.

Majority of the users believed everything that has been stated by you will take place by the launch. To the expectation it hasn't gained good support. Less than 100 bitcoin got distributed through the futures contract. Some play has been performed to outlaw the progress of Bakkt. It is a very early stage. Hope things will change slowly when the market slowly recover from the immediate drop.

Vaculin

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Quote from: Morguk on September 27, 2019, 05:00:06 AM

I don't think Bakkt will directly influence the price of BTC at all. However in the future when bigger players want to dabble in crypto, say as the next bull run comes, then they might want to be able to use Bakkt for institutional plays. That's when it will indirectly increase the price of BTC.

At this early stage we will not feel its effect yet but in the long run, it will be a big help to increase the adoption in the market.
The current situation surely is not purely cause by Bakkt launch which people sell the news as this happens after it was release, if it is, its suppose to happen weeks before the launch.

I'm very positive of Bakkt regarding its contribution in the market, bitcoin is just getting stable with this big platform getting on board in the market.

Morguk

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I don't think Bakkt will directly influence the price of BTC at all. However in the future when bigger players want to dabble in crypto, say as the next bull run comes, then they might want to be able to use Bakkt for institutional plays. That's when it will indirectly increase the price of BTC.

Deborah Christine

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In my opinion Bakkt will affect the price of bitcoin. The price of bitcoin will experience a sharp increase. Because Bakkt is a crypto platform created by large and trusted companies and this has the potential to attract large capital to the crypto market. The demand for bitcoin will increase and prices will increase.

michellee

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I only see after Bakkt launch, and bitcoin price is down until now and the price is down too deep now. It seems, Bakkt has prevented bitcoin price from going to the higher price, and it shows the price is to turn the direction to the lower price. But I hope that it will not take too long to see bitcoin price will increase again soon. But I don't know if there are manipulations from the big traders who have a huge amount of bitcoin. But we could still make a profit because the price does not just stay at one price, but the price is moving from the lower price to higher price and back to lower price again. So you can expect to make a profit by buying bitcoin at a low price and then sell when it increases.

Coin_trader

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Were all hoping that Bakkt launch will give us good market again, at least a small bull run or an increased in today's prices. Might attract new investors to push through bitcoin again. But how we will be able to experience it when even it just launch some already do scamming on it. Some already gives bad reviews without trying or using it yet. Lets see in the next few days how it can really affect the market.

Yamifoud

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Quote from: bgaf on September 26, 2019, 12:34:43 AM

I think Bakkt really had something to do with the bitcoin peice now. But Im sure many expected this sideway since Bakkt plan already to have some cheap bitcoin price before the total bull run implemented or happened soon. Think about it, when Bakkt launch why do you think people keeps the price go down? There some mystery to it but Im sure many players wanted it to go down so they can filled bags before the upcoming ATH which will exceed the 20k levels.

I don't think there is a market manipulation at this time. If does, investors will surely be benefiting this one as they are capable of doing it.
However, isn't a big factor that contributed a lot to sudden market dumps. Will, it something correlated also with the upcoming Bakkt events and people have speculated for the big price hike. Will it hope that it all our speculations will gonna be right and have to go through with the bull run.

Vaculin

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Quote from: bgaf on September 26, 2019, 12:34:43 AM

I think Bakkt really had something to do with the bitcoin peice now. But Im sure many expected this sideway since Bakkt plan already to have some cheap bitcoin price before the total bull run implemented or happened soon. Think about it, when Bakkt launch why do you think people keeps the price go down? There some mystery to it but Im sure many players wanted it to go down so they can filled bags before the upcoming ATH which will exceed the 20k levels.

As usual, this market movement is not what we are expecting if Bakkt launch is a great news, then may people have already dump because in the past few months bitcoin is rising, they followed the method which is to "buy rumor sell the news'.

If you guys can't take what is happening now, better close your eyes and just wake up when the market is already back to green.
I am sure this would not last long, the long bear market we've experience last year is long enough, this big news will help us to change the market into a better one and this dump is just an initial reaction.

bgaf

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I think Bakkt really had something to do with the bitcoin peice now. But Im sure many expected this sideway since Bakkt plan already to have some cheap bitcoin price before the total bull run implemented or happened soon. Think about it, when Bakkt launch why do you think people keeps the price go down? There some mystery to it but Im sure many players wanted it to go down so they can filled bags before the upcoming ATH which will exceed the 20k levels.

Duzter

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There is a big expectation over the price of bitcoin with reference to the Bakkt launch. To the expectation things have been taking place in the opposite direction. Even if this is common form of growth people never accept it, they always look the price fall get connected to some events or negative news as a form of manipulation. This time there is nothing as bad news which is why everything got turned over bakkt.

barbara44

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Quote from: el kaka22 on September 24, 2019, 02:21:33 AM

Volume is so little that it makes absolutely no sense to be hyped about this. After seeing bakkt everywhere for years I was thinking them like they were some big deal but right now there is literally no trade that really could shape the future of bitcoin, its so tiny that it wouldn't change anything in bitcoin world.

Personally, I believe if there was this much hype about it and there was no volume to support that hype, I am imagining a scenario where big companies who will use bakkt are just waiting for a better moment and they are holding their investments until its established and showed that it does what it does properly without any issues and over time there will be more and more volume, if that is not the case then there is really nothing we can get out of bakkt and its useless.

I am sorry to say that those who were expecting bakkt to make any difference as soon as it gets to the market are clowns, how is that possible when it is not applei Phone or Samsung galaxy product that people have been used to and they do queue up for another one when there is a new version, this is so because people are already used to that product and are eager for new features.

Bakkt is a new product entirely, and this is a platform that no one has ever used before, it is not that they are upgrading or adding new future, it is an entirely new system on its own, and people don’t so much fall for hype again, so I never expected anything from bakkt until we have some level of growth in its usage, they started with 7 btc which was quite huge to me, and from that 7btc, they will continue to grow in volume till it gets to stage where it can have an effect on the market.

beerlover

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All of the guesses have been marginally wrong. Some said it would have big impact and those are incredibly wrong, like literally as wrong as someone could ever be in life about anything, there could never be anything more wrong. The people who said there won't be a big impact were wrong a lot less because they knew it wouldn't affect bitcoin but I assume even they didn't assume it would literally be zero.

I haven't seen the latest report on what the volume was looking like but from what I gather it has less volume than some fake Chinese exchanges out there. It is really a change of pace to see real volumes because everyone including coinbase and binance make fake volumes time to time (at least coin owners do it to make it look like they are around) but Bakkt didn't do it, they could have made millions of dollars of fake volume on day 1 but they didn't, so guess that's good.

Topic: How Bakkt will influence Bitcoin price? (Read 676 times)