PrimeXBT: Will Bakkt make the cryptocurrency markets explode?

An interesting research conducted by PrimeXBT shows the potential impact that Bakkt will have on the cryptocurrency market.

The question that all the experts ask is whether Bakkt will allow the Bitcoin to reach the price forecasts that the Crypto Community hopes for.

Only a few days to go before the launch of the long-awaited Bakkt trading platform, which will target large institutional investors.

Although it may seem impossible, the price of Bitcoin should reach i $ 100.000 in the coming years and the next race to the bull market will be led by Bakkt.

PrimeXBT: Will Bakkt Blow Crypto Markets? - bakkt bitcoin

What is Bakkt?

The Bakkt cryptocurrency platform was created by ICE, a global operator that operates in the futures and commodity markets in the United States, Canada and Europe.

The company is considered the largest global player in the derivatives market, where currency futures contracts, precious metals and other assets are traded.

About 50% of the global trading volume of oil and energy futures contracts is held by ICE. The most famous platform led by ICE is the New York Stock Exchange (NYSE).

ICE is a giant in the foreign exchange sector and has a long history and a great reputation: it is no coincidence that it constantly attracts trillions and trillions of dollars that are invested by savers and institutional investors.

The launch of a cryptocurrency platform by this company will potentially attract enormous capital in the cryptographic market.

Bakkt: how will cryptocurrency trading work?

Bakkt is a cryptocurrency trading platform that offers Bitcoin futures (daily and monthly). In addition to futures trading, Bakkt offers cryptocurrency custody services.

Bakkt differs from other trading platforms of the caliber of CM extension (Chicago Mercantile Exchange): Bitcoin futures will have a positive impact on BTC demand, coming to increase its price.

The platform's partners and investors include: Microsoft, Boston Consulting Group and Starbucks, as well as numerous investment companies and venture capital companies such as Pantera Capital, Fortress Investment Group, Eagle Seven, Galaxy Digital, Protocol Ventures, Susquehanna International Group and Horizons Ventures.

Launch Bakkt: what is it and how does it work?

We started talking about the launch of Bakkt in the 2018, but the official launch was delayed due to the lack of authorization from the regulators and, only in August 2019, the CFTC finally released the permission to the platform, which has marked a new era in the history of cryptocurrencies.

Subsequently, the September 6, Bakkt announced the possibility of deposit Bitcoin before the start of trading.

"Bakkt is a scalable platform designed for institutional investors and commercial companies interested in digital resources ", stressed Kelly Loeffler, CEO of Bakkt.

"We plan to build an open and transparent platform to help unlock and transform the potential of digital resources into global markets and exchanges. It is designed to secure cryptocurrency investments.".

Why is the Crypto Community awaiting the launch of Bakkt?

The Community is awaiting the launch of Bakkt, as it relies on an influx of capital that should move the cryptographic market.

This will contribute to the Bitcoin value growth. The cryptographic industry has generated many successful projects and initiatives that can change people's lives for the better.

According to analysts' forecasts, Bakkt should "ignite" the next run of the bull market.

Since the announcement of its debut, the launch of a regulated platform by a giant like ICE suggests that the cryptographic industry is finally taking off and gaining the trust of regulators.

The increase in the price of Bitcoin will stimulate many other projects to date "frozen" and will lay the foundation for other new projects.

The community is gradually preparing for the official launch of the platform: this will make it possible to upgrade the mining equipment to obtain the largest number of Bitcoins possible.

Bitcoin is consolidating between the $ 11.000 and the $ 9.000 and the $ 9.500 support line.

The value of Bitcoin is destined to skyrocket after the launch of Bakkt.

PrimeXBT: Will Bakkt Blow Crypto Markets? - PrimeXBT image source

Image source: PrimeXBT

Regarding mining, in the last three months, over 600.000 new powerful miners have connected to the Bitcoin network.

From mid-June, the complexity and hash of the cryptocurrency increased by 60% and reached a new all-time high.

The perspectives of a new upward trend they are pushing miners to extract as many Bitcoins as possible, in the hope that an increase in its value will repay all equipment investments.