Bitcoin Price Keeps Falling To Upright Level What Wall Street Traders Define
The long-awaited launch of trading on the Bakkt crypto platform took place yesterday. Although most crypto community saw the starting point in the event for a new round of Bitcoin rally, the asset demonstrated the negative dynamics. Bidding started at a time when BTC was at $ 10,115. At the moment the rate of the most capitalized cryptocurrency has dropped to $ 9,790.
Note BTC continues to move in the frame of the formed triangle. Earlier users predicted the active movement of the asset rate at the time it reaches the border of the figure.
Following BTC, other assets from the TOP-10 market capitalization rating also demonstrated negative dynamics. The massive losses have Litecoin (-7.45%) and Bitcoin SV (-5.53%) cryptocurrencies.
Wall Street Still Doesn't Trust In Cryptocurrencies
According to users on Twitter, the decline in BTC is caused by the skepticism of Wall Street representatives in the possibility of cryptocurrency. Some commentators believe that amid the launch of Bakkt, Bitcoin keeps falling to its "real value". At the same time, the goal of the BTC course will be a level that Wall Street considers acceptable to it. However, many representatives of leading financial oracles do not see value in Bitcoin.
Bitcoin dumps with Bakkt
What did I tell you all.
Wall Street says Bitcoin has no value.
Bitcoin price will now move according to what the street thinks its value is...welcome to real price discovery.
— MRc (@MrCugs) September 24, 2019
During the first day of Bakkt's operation on the crypto platform, 72 futures contracts were concluded. This is equivalent to $ 711,000 of the trading volume.
Representatives of Bakkt noted on their blog that during the first day of trading on the platform there was a serious difference between the purchase price of futures and sales.
Some participants in the crypto community believe that it is impossible to assess the prospects and opportunities of the site based on the results of the first working day. According to commentators, at the moment, potential Bakkt users have just begun to look closely at the platform's capabilities. It will take time to increase the trading volume. Despite such opinions, the mismatch of Bakkt's trading level with expectations has already become a reason for jokes.
Besides, some users believe that in fact, institutional investors are not interested in working with Bakkt. In their opinion, the possibilities of introducing institutional institutions into the market using platform tools are seriously exaggerated.
Institutional investors don't need custodian services like Bakkt to buy Bitcoin. The interesting thing about Bitcoin is that you don't need to rely on a 3rd party to securely hold the private keys. Any Bitcoin enthusiast can setup a multi-signature wallet in no time.
Note that most crypto community do not see the prerequisites for a new fall in the BTC rate after the opening of Bakkt.