It is very difficult to predict how the cryptocurrency market will run in the future.

After the huge media momentum that accompanied and eagerly awaited the launch of the Bakkt platform, the launch of the platform was postponed several times earlier for legal and regulatory reasons, and after completing all the necessary procedures, the launch date of the Bakkt platform for trading bitcoin futures appeared on September 23.

but …

The launch was not as expected, and the bitcoin did not rise to record levels after the launch of the platform, but rather the opposite happened where the price of bitcoin collapsed to the level of $ 8,400 at the time of writing this topic, accompanied by the collapse of alternative cryptocurrency prices as well.

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The selling appears to have picked up rapidly on Tuesday, bringing the bitcoin price back below the psychological $10,000 mark.

The total market capitalization of the cryptocurrency market has decreased to $220 billion.

The impact of the Bakkt platform on the cryptocurrency market:

The Bakkt platform was one of the highly sought after projects that were waiting to be entered to bring more institutional investors to the crypto market.

Hopes remained that the platform would attract a huge number of cryptocurrency buyers, as the platform was behind Intercontinental Exchanges, which also owns the New York Stock Exchange.

Bitcoin investors believed that investing in Bitcoin would be popular once there is a Bitcoin-friendly institution that provides it to other institutions.

Where clearer Matty Greenspan, chief market analyst at eToro, said:

“There has been a large portion of the news that has caused the massive bullish movement this year and much of it surrounding broader institutional adoption.”

Bakkt launch was an ‘important milestone’

What Greenspan’s statement shows is that there was a great media hype that pushed prices to rise before the launch of the Bakkt platform.

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It is reported that the Bakkt platform traded 71 bitcoin futures contracts on the first day.

It can be said that this low number is in line with the cautious approach taken by investment institutions.

However, it is far below the expected level.

commentGreenspanIn this regard, he said:

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Bakkt’s start so far has been disappointing.

Investors were looking for similar avenues for stocks in the first week, when that didn’t happen and they started unloading.

The whole incident appears to be a giant case of “rumor buying and news selling”.

Greenspan believes that there is still hope, despite the great disappointment of the Bakkt platform, as he indicated the increase in interest in cryptocurrencies and the expansion of their adoption, whether with or without the Bakkt platform.

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