\u201cOne possible reason, explaining Bitcoin\u2019s price drop, could be the general indifference towards the much-hyped release of Bakkt, as BTC prices dropped over $1,000 a day or so after trading began,\u201d they explained, further adding that this could be a \u201cbuy the news, sell the rumor phenomenon.\u201d<\/p><\/blockquote>\n
The research group does note that they expect Bakkt\u2019s trading volume to increase in the near-future, but it is likely that the platform\u2019s near-term impact on the crypto markets will be null.<\/p>\n
Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"Prior to its launch, Bakkt\u2019s physically settled Bitcoin futures product was seen by many cryptocurrency investors as a potential major catalyst for next major BTC bull run, but its lackluster launch has come about concurrently with a bout of capitulation within the aggregated crypto markets. One prominent research group is now noting that Bakkt may have actually been a driving force behind the recent drop in the crypto markets, as its low initial trading volume may have come as a significant disappointment to many investors. Bitcoin Struggles to Reverse Recent Downtrend This past week, Bitcoin plummeted to lows of $7,800 before finding a significant influx of buying volume that helped to propel its price into the mid-$8,000 region. Although Bitcoin has been able to find support at its recent lows and is showing signs of potentially extending its newfound upwards momentum, it is important to keep in mind that the crypto is still trading down significantly from its recent highs of well over $10,000. One technical factor that may have contributed to its recent downtrend was the large multi-month descending triangle that Bitcoin had been trading in throughout the summer months, which was a prominent bearish formation. It is also important to note that Binance Research \u2013 the research and analytics wing of the popular crypto exchange \u2013 noted in a recent blog post that the exchange\u2019s OTC trading desk saw heavy sell flows throughout the month of September that were more significant than those seen in previous months. \u201cOur OTC desk predominantly saw sell flows, even more so than in recent months\u2026 It hasn’t been long since BTC dropped to $8,000, but there weren’t many traders looking to \u2018buy the dip,\u2019\u201d they explained. Binance Research: Bakkt Contributed to Recent BTC Drop The research arm of Binance also believes that the disappointment that ensued after Bakkt\u2019s launch was a primary factor behind the recent drop. \u201cOne possible reason, explaining Bitcoin\u2019s price drop, could be the general indifference towards the much-hyped release of Bakkt, as BTC prices dropped over $1,000 a day or so after trading began,\u201d they explained, further adding that this could be a \u201cbuy the news, sell the rumor phenomenon.\u201d The research group does note that they expect Bakkt\u2019s trading volume to increase in the near-future, but it is likely that the platform\u2019s near-term impact on the crypto markets will be null. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":396900,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664],"class_list":["post-400204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\n
Bakkt Launch Could be Force Behind Recent Bitcoin Drop, Claims Research Group<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n