The Bitcoin exchange rate lost almost 15% of its value in the last 24 hours, according to CoinMarketCap data. At press time, the most capitalized cryptocurrency is trading at the level of $ 8330. Following BTC, other participants of the TOP-10 market cap rating fell too, except for the Tether stablecoin. Bitcoin SV (-25.81%), EOS (-23,79%) and Bitcoin Cash (-23,73%) recorded the largest loses.
Note that BTC broke the triangle, which frames the asset moved for a long period. Recall that earlier, the crypto community predicted the beginning of an active movement of the cryptocurrency rate when the cryptocurrency breaks the border of the figure.
Earlier, one of the participants in the crypto community suggested that exiting the triangle will allow Bitcoin to repeat the 2018 scenario. At the same time, the goal of BTC, in his opinion, could be the level of $ 7000.
The least optimistic forecast for further movement of the BTC rate was given by the president of Euro Pacific Capital Inc, Peter Schiff. The specialist believes that cryptocurrency can drop to the level of $ 4,000 or lower.
#Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very a bearish technical pattern, and it confirms that a major top has been established. The risk is high for a rapid decent down to $4,000 or lower!
— Peter Schiff (@PeterSchiff) September 24, 2019
However, most users were confident in choosing a positive direction for the BTC course amid the Bakkt crypto platform launch.
Bakkt Trading Results: Expectations Vs Reality
Against the background of the mismatch of expectations from the beginning of the Bakkt launch, crypto community members gave their vision of the possibilities for further development of the platform.
Bakkt’s results on launch day were 75 times lower than on CME:
Bakkt, first day volumes: 71 bitcoin.
CME, first day volumes: 5298 bitcoin.
That's a 75x difference.
— Alex Krüger (@krugermacro) September 24, 2019
Nevertheless, it is incorrect to compare the start of Bakkt with the result of Bitcoin futures trading on CME in December 2017. This is due to differences in the market position that took place over these periods:
- The CME trading realized during the period of active growth in the BTC price. It was before the cryptocurrency reached its maximum values.
- Bakkt was launched during the BTC corrective movement.
- The platforms offer their users work with different Bitcoin futures. CME provides access to the fiat equivalent of gain. Bakkt Bitcoin futures, in turn, allow users to settle in cryptocurrency.
Recall, most crypto community associate the launch of Bitcoin futures trading with the arrival of institutional on the digital asset market. The investments of the latter should become a pillar of the further growth of the cryptocurrency rate.
At the same time, a poor trading volume on the crypto platform became the subject of pleasantry:
BAKKT Institutional investors entering Bitcoin.
Expectation vs Reality: pic.twitter.com/Tu7ZNS4yJP
— Anondran (@anondran) September 24, 2019
The results of the trading service operation during first days disappointed some participants in the crypto community. In this regard, commentators on the network suggested that unjustified expectations regarding the growth of BTC against the backdrop of the launch of Bakkt could bring the price of the cryptocurrency to the lowest levels.
Participants in the crypto community note that a drop in the BTC rate in the first days of the start of trading on Bakkt may negatively affect the opinion of institutional investors about the prospects for working with cryptocurrency.