Incoming: Bakkt launch, is Bitcoin ready to react?

20 Jul, 2019 | Updated: 20 Jul, 2019
by Manshi Soneji Mamtora
Price Action
Incoming: Bakkt launch, is Bitcoin ready to react?

Bakkt set to launch on Monday, July 22. Bakkt has been touted to be the future main driver of institutional adoption of cryptos. All eyes glued on Bitcoin price, could it rally from here on?

Bakkt recently hosted an institutional summit in New York, based on which the prospects for Bitcoin look bullish. The summit attracted close to 150 investors.

According to the Fundstart report, ''The CFTC is seeing growing demand and interest for bitcoin futures from the public.'' The Commodity Futures Trading Commission plays a critical role in the launch of Bakkt Bitcoin futures. 

 The launch of CME and Cboe bitcoin futures also marked a wave of optimism for Bitcoin. As Bakkt will set the wheels in motion on July 22, it would be crucial that we look for positive price clues.

As of writing, Bitcoin is trading at $10518, a marginal 0.6% fall in price over the last 24 hours and its market cap standing at $187.5 billion. 

BTCUSD Chart provided by Tradingview

The Bakkt launch has taken longer than expected by the crypto community and a UAT (user acceptance testing) will commence on Monday. Bakkt is seen as a future major driver of institutional adoption of Bitcoin and also a probable bull run. 

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Read more about: Bitcoin (BTC) Bakkt


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