Why is There a Disturbing Correlation Between Bakkt Future's Price & Bitcoin? Jonathan Ganor 2019-09-26 04:52:22 680 views

Is Bakkt's Futures Tanking Bitcoin's Price?

Cryptocurrencies and Bitcoin tend to be highly volatile investment assets or currencies. As most of you know Bitcoin has had amazing highs of $20,000 and recent lows of $3,400. These price fluctuations are often very quick and at times hard to explain. During the past several months Bitcoin enjoyed a period of relative stability of around $10,000.

This abruptly came to an end when a project thought to push Bitcoin's price up seemingly did the opposite. Since the Launch of Bakkt's Bitcoin Futures, Bitcoin fell below the $10,000 mark and is yet to recover.

It is currently trading at $8,471 at the time of writing this.

Bakkt's Bitcoin Futures & Its Influence on Bitcoin

Despite having a launch that could be only considered a flop, Bakkt seemingly has a large influence on Bitcoin's price. Despite memes and mocking the empty Bakkt trading floors and a very low trading volume, it seems that they can still affect the market.

The closing prices listed on Bakkt's Bitcoin futures seem to match the price of Bitcoin in a disturbing recurring pattern. We will follow Bakkt's closing prices today to further confirm or dispel our assumption.







It seems like Bakkt, despite having a low trading volume has an immense influence on Bitcoin & all cryptocurrencies by extension. This is Wall Streets first attempt to have a large impact on Bitcoin and cryptocurrency trading and it seems that they are succeeding to a certain extent.

Should this bizarre trend continue, one could say that Bakkt is the new market maker when it comes to Bitcoin. Only time will be able to tell if Bakkt will be a success and get a higher trading volume. This is something that could hypothetically push the market upwards. The low volume they are currently having could be the culprit of Bitcoin's low price.

With such low trading volume, even Bakkt could experience forms of market manipulation. This could be the reason for Bitcoin's current price.

Back to Home