Bitcoin and cryptocurrency will gain trust from the incoming launch of institutional trading platform Bakkt, a well-known analyst has said.
In a tweet on Sept. 19, Fundstrat Global Advisors co-founder Tom Lee joined the increasing number of Bitcoin figures bullish about Bakkt's impact on the space.
The platform goes live on Sept. 23, and will first offer physical Bitcoin futures.
Investors, who have been able to deposit funds since Sept. 6, will take delivery of payouts exclusively in BTC. The remaining days to launch have so far been characterized by lackluster progress for Bitcoin markets, which dropped below $10,000 once again.
"I am very positive on Bakkt and its ability to improve trust with institutions to crypto."
Bitcoin price tanked before BTC futures rollover date.
Responses generated a further theory about current Bitcoin price weakness, which centered Thursday's changeover day for CME Group's own Bitcoin futures.
As Cointelegraph reported, futures expiration and rollover dates have historically exerted pressure on Bitcoin markets.
September meanwhile also saw a quieter entry into futures by cryptocurrency exchange Binance.
Open interest in CME's futures dropped to a 4-month low at the same time, as Bitcoin price performance failed to excite.
Tom Lee: Bakkt to 'Improve Trust With Institutions to Crypto' in 3 Days
Udgivet den Sep 20, 2019
by Cointele | Udgivet den Coinage
Coinage
Nævnt i denne artikel
Seneste nyheder
Se alt
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.