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Bakkt Is Live Now But a Fragile Response From Investors

The most awaited Bakkt has entered the market but so far it could not manage to appeal to the market entropy and the fanfare as witnessed by their stable, monotonous and underwhelming reactions. The first trade was performed late yesterday marking the initiation.

‘’The first Bakkt Bitcoin Futures trade was executed at 8:02 pm ET at a price of $10,115’’-shared by Bakkt on twitter at 6:30 and so far it has got about 8.2K likes. Launching of massive projects like the one involves risks of a fiasco but in spite of not so enthusiastic responses, there are many admirers.

‘’Remainder, the hype is Bakkt with substance. Unlike other futures exchanges, this is settled in bitcoin. Actual Bitcoin is paid out, not just the flat equivalent to the price of bitcoin. The result is better price discovery and liquidity for Bitcoin’’- tweeted Rhythm, a bitcoin analyst pointing towards the positive impact Bakkt would create in the bitcoin’s industry.

The inability of Bakkt to not create a massive attraction is defended well by Su Zhu, CEO of FX Hedge Fund Three Arrows Capital and Co-founder of Sensus Markets , as he stated that any adoption on day 1 is usually a ‘trickle’ but eventually a ‘flood’ predicting that despite a slow start the cryptocurrency market would be flooded with Bakkt Bitcoins and will act as a dominating boom. He feels that any new product in the market is not randomly tried by every firm unless they analyse it from all perspectives and until somebody witnesses its reliability.

‘’Bakkt will be likely first a trickle and then a flood. The reality is that most regulated futures contracts get low adoption on day 1 simply because not all future brokers are ready to clear it, many people want to wait and see, the tickers are not even populated on risk systems etc’’-said Zhu.

It is too early to claim whether the predictions hold value .when contracts start closing and BTC is getting paid out things are likely to start moving on markets. The fear of volatility of bitcoins is holding institutional investors back but only a profound analysis will be able to reveal the interests Bakkt can offer. The fluctuating values of bitcoins and their downfall is pulling the firms back but it is a universal fact that every time there is something new, there are criticisms and favours, but its actual magnitude of profit is only explored when properly examined and tried. At the time of writing 18 BTC had been invested into the Bakkt monthly contract and volume is gradually increasing. While the initiation is moderate with a decline in bitcoins level with the present rate $ 9894.73, Bakkt’s fate and the fortune it would make in the time coming cannot be predicted in advance.

John McAfee on Bakkt

The whole Cryptoverse is speaking of Bakkt, how can we miss someone who is not an advocate of Bakkt but neither he is an opposer, though he believes in decentralisation more than a centralised version of Bitcoin. John McAfee, the founder of computer security company McAfee, bitcoin billionaire and advocate, he is one of the most influential personality in cryptoverse. while his views on Bakkt aren’t bullish but to many, his words seem factual. 

Well, the future of Bakkt is unpredictable in the current market situation, but as we know in crypto we must expect the unexpected!

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About Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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