Bitcoin (BTC) and cryptocurrency will gain trust from the incoming launch of institutional trading platform Bakkt, a well-known analyst has said.
More praise for Bakkt
In a tweet on Sept. 19, Fundstrat Global Advisors co-founder Tom Lee joined the increasing number of Bitcoin figures bullish about Bakkt’s impact on the space.
The platform goes live on Sept. 23, and will first offer physical Bitcoin futures. Investors, who have been able to deposit funds since Sept. 6, will take delivery of payouts exclusively in BTC.
The remaining days to launch have so far been characterized by lackluster progress for Bitcoin markets, which dropped below $10,000 once again. Now recovering, BTC prices could nonetheless shift considerably once more in the short term. Lee wrote:
“I am very positive on Bakkt and its ability to improve trust with institutions to crypto.”
Bitcoin price tanked before BTC futures rollover date
Responses generated a further theory about current Bitcoin price weakness, which centered on Thursday’s changeover day for CME Group’s own Bitcoin futures.
As Cointelegraph reported, futures expiration and rollover dates have historically exerted pressure on Bitcoin markets.
September also saw a quieter entry into futures by cryptocurrency exchange Binance. Launching last week, figures nonetheless revealed significant open interest of $150 million, even while the product was still trading in invite-only mode.
Open interest in CME’s futures dropped to a four-month low at the same time as Bitcoin’s price performance failed to excite.