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Bakkt Flops on Its First Day with Embarrassing Trading Volume, but Bitcoin Bull Brian Kelly Remains Positive About Its Long-Term Potential

  • Alex Dovbnya
    📰 News

    Bakkt trades only 72 BTC on its first day, but it might be way too early to call it a flop, according to Brian Kelly 

Bakkt Flops on Its First Day with Embarrassing Trading Volume, but Bitcoin Bull Brian Kelly Remains Positive About Its Long-Term Potential
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Contents

Despite high expectations, Bakkt’s much-anticipated launch ended up in the flop territory with only 72 BTC (around $701,000 at press time) traded during the first day.

While these numbers are undoubtedly underwhelming, Bitcoin proponent Brian Kelly recently opined that Bakkt might eventually succeed in the long-term.

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A big nothingburger

Bakkt, which is helmed by Jeffrey Spencer’s Intercontinental Exchange, offers physically-delivered Bitcoin futures, which is a completely novel product. However, with less than $1 mln worth of contracts at the time of writing, the demand might not there.

For comparison, Chicago-based CME’s first-day volumes reached 5,298 BTC when it debuted its cash-settled Bitcoin futures back in December 2017.

As reported by U.Today, the number of CME’s futures contracts has experienced a 132 increase compared to 2018.     

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A different perspective

During his recent appearance on CNBC’s “Fast Money,” Kelly states that he doesn’t expect Bakkt to be a “massive catalyst,” but he is certain that it looks good from a long-term perspective.

When asked by longtime anchor Melissa Lee whether institutional investors plan to put their money in Bitcoin, Kelly answered that Bakkt’s custody solution would bring them onboard.   

“Because they have this physical storage, which would be electronic like cold storage, this is like a custody solution, so it will bring those institutions in that need that custody solution.”

BK also points out that it will tie Bitcoin to the futures, which will reduce the coin's volatility.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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