What is Bakkt for Bitcoin?
|At the end of the working week, the crypto market shows a moderate growth impulse. Almost all cryptocurrencies in the TOP-100 are in the green zone. Bitcoin has not been able to break above $7,600 in the last 24 hours, and now the benchmark сryptocurrency is in the middle of the latest week range.
As for the levels of the beginning of the year, Bitcoin shows impressive growth; however, it is almost twice as low as the peaks of June.
In case of a further decline of the coin in the range of $5K-$6K, where the 200-week moving average is now located, Bitcoin will have to pass a new stress test. Failed to hold above, this critical threshold, opens doors for a drop to $3K. However, such a scenario is extremely bearish, and such a massive decline may attract the enormous interest of institutional investors, who are able not only to short the market but also to play in the long run.
And in this case, the recently launched Bakkt platform may play an important role, while on December 9 it is planned to launch settlement futures for Bitcoin.
Concerns that the Bakkt platform is not a Bitcoin's and other crypto's friend but a direct instrument of the U.S. government's influence on the market. Kelly Loffler, the CEO of Bakkt's platform, appointment as Georgia's senator, confirmed this worries. It is likely that in the long run, the emergence of institutional investors will be considered as one of the main blows to the sector.
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