The price of Bitcoin has decreased down hovering below the mark of $10K even after the launch of Bakkt.
BTC Could not Cross $10K
The price of the coin could not cross the figure of $10K.
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Crypto community was anticipating the launch of Bakkt that it will have potential impacts on the world’s leading cryptocurrency. But after the launch, in the beginning, it has not proven much beneficial for the coin.
Bitcoin could not show the excessive volatility on the Bakkt platform as the crypto traders and investors were expecting it to do so.
The target of Bitcoin price was to go above the mark of $10k after the launch of Bakkt but instead going up, it went down.
The price of BTC at the time of writing is trading at $9,948.95 USD and
Su Zhu Says Bakkt will not see Large Volumes in short time
The CEO at Three Arrows Capital, Su Zhu says that it will take time to increase the volume of the Bakkt. It is not going to happen sharply or in a short duration.
He further explores that brokers and the third party facilitators are very crucial for the Bakkt platform as the futures exchange is aiming at the institutional investors and traders. He says that Bakkt will get high volumes when the brokers will promote it and moves the trades towards the Bakkt platform.
As he says:
Bakkt will be likely first a trickle and then a flood. The reality is that most regulated futures contracts get low adoption on day1 simply b/c not all futures brokers are ready to clear it, many ppl want to wait and see, the tickers are not even populated on risk systems, etc.
So it means that for Bakkt, it will take the time duration of some weeks to influence the price of BTC as soon as the trader’s demand increases the cryptocurrency will gain momentum.
A bitcoin analyst and the co-host of Tales from the Crypt: A Bitcoin Podcast, Matt Odell says that the Bakkt launch shows the credibility of BTC:
Honestly didn’t think bakkt would launch. Pleasantly surprised. Bitcoin just got a big credibility boost. Kind of unreal to be honest.