Bitcoin Sinks. Is Bakkt The Cause? | Crowdfund Insider

Bitcoin rapidly deflated today. The world’s most popular crypto is now trading under USD $9000 (~$8700). At one point today, BTC tanked about USD $1000. So what’s the cause?

A portion of the chatter claimed that Bakkt’s much-heralded launch this week was much ado about nothing as tepid volume was an indicator of week institutional interest in Bitcoin. A glance at Bakkt indicates volume of just 215 contracts. Perhaps, big money has moved on?

Alex Mashinsky, CEO at Celsius Network, a crypto lending and depository company, had this to say:

“The disappointing BAKKT opening signals to the crypto community that institutions are less ready to invest in BTC at scale than was supposed, which means the price was probably too high and due for a correction. What we’ve just seen is short sellers and momentum traders piling on to make things worse, and now here we are back at support.”

Another report blamed it all on Bitmex and margin calls. The crypto exchange enables significant leverage and once the slide began it was a pile-on of sorts.

Regardless, the guilty catalyst remains opaque in the lightly regulated global BTC market. But you can expect more dramatic shifts in the price of Bitcoin going forward. Traders love volatility and Bitcoin has plenty of it – whether institutions are there or not.

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Bitcoin Sinks. Is Bakkt The Cause? | Crowdfund Insider
Bitcoin Sinks. Is Bakkt The Cause? | Crowdfund Insider
Bitcoin Sinks. Is Bakkt The Cause? | Crowdfund Insider
Bitcoin Sinks. Is Bakkt The Cause? | Crowdfund Insider

Bitcoin Sinks. Is Bakkt The Cause? | Crowdfund Insider

Bitcoin Sinks. Is Bakkt The Cause? | Crowdfund Insider