JPMorgan Analyst: Bakkt is the reason for the bitcoin price drop
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Answer JPMorgan Analyst: Bakkt is the reason for the bitcoin price drop
After everyone was looking at the Bakkt platform that it would raise the price of Bitcoin to new highs, it seems that what happened is the exact opposite.
in a report A JP Morgan release last Friday showed that the launch of the Bakkt bitcoin futures platform is responsible for the recent bitcoin price crash.
Last week, the bitcoin price fell more than 20 percent from $10,026 last Sunday to $8,300 today.
The Bakkt platform is a subsidiary of the Intercontinental Group, the same organization that operates the New York Stock Exchange.
Many investors built their hopes on the Bakkt platform and bet on a future bitcoin rally by doing so.
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Many still hope that Bakkt will bring Wall Street money to Bitcoin as the company behind it has the backing of Wall Street regulators such as the CTFC.
The JPMorgan report indicated that Bakkt contracts are a sign of the adoption and growth of the crypto market, but the trading volume on the Bakkt platform in its early days was disappointing.
Only 54 bitcoins (430 thousand dollars) were traded, which is a small amount compared to the huge media halo accompanying the launch of the Bakkt platform.
The report also carried an analysis that the price of Bitcoin reached its highest level for a while, and the market only began to suffer with the end of the old deals designed with enthusiasm, with ambitions about Bitcoin reaching new levels with the launch of Bakkt.
“Liquidations are likely to take place, which is what caused a sharp drop in bitcoin prices this week,” the report said.
The report also stated:
“While the bitcoin price has shaken off a slowdown in bitcoin’s long positions… in futures on Bitmex, that is not yet true for CME contracts.”
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Read also:
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