It is not only the space that is excited, Bitcoin price has also picked up from the dip it went into yesterday 15 August that took it below $10,000.
The Bitcoin has been struggling to stay above $10,000, a critical support, since the cryptocurrency started the dip.
It’s sudden increase that has pushed it above $10,500 following the announcement may be pointing to what the future holds for Bitcoin with the launch of the Futures trading and custody platform.
Major events can push Bitcoin up
Bitcoin’s last dip has been a subject of argument between Bitcoin proponents and critics. Bitcoin supporters have so far expected it to be going up especially as the traditional market crashes.
Though no good explanation has been given as to why the dip came at the time it did, the sudden bounce following the Bakkt news signifies that such important developments may be having major impacts on price.
Institutional investors are expected to enter the space because of the development and the price surge may also be an indication that some of them are already getting into the market and moving price in a significant manner.
This is expected to continue as the launch date draws nearer and also beyond as more money is expected to flow into Bitcoin with a regulated and insured platform like Bakkt.
FOMO soon to set in?
Since Bitcoin started going up since April this year, analysts have predicted several times that a major FOMO was soon to set in that will attract many buyers and so push the price of Bitcoin up.
So far, no such FOMO has been experienced and the explanation has been that Bitcoin has a greater potential to grow than anticipated and that is why even a greater than 200% growth is not enough to cause panic yet.
With Bakkt, one of the greatest developments for Bitcoin at the corner, what happens now?
Is a FOMO about to set in as a result of retail investors trying to make some quick gains as money from institutional investors make significant price moves?
There is a lot to be expected as the launch date approaches and as price continues to rise ahead of the day.
Will the price continue to surge in coming days or is the pattern about to change?
The coming month promises to be a big one for Bitcoin and the entire space will be watching keenly to see what happens.