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Fundstrat’s Tom Lee Is "Very Positive" on Bakkt, Claiming That It Will Help Build Trust in Crypto

  • Alex Dovbnya
    📰 News

    Fundstrat boss Tom Lee is certain that Bakkt will inject a dose of reputational repair in the cryptocurrency market

Fundstrat’s Tom Lee Is "Very Positive" on Bakkt, Claiming That It Will Help Build Trust in Crypto
Cover image via www.cnbc.com
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Tom Lee, the co-founder of research boutique Fundstrat, is certain that Bakkt will bring the necessary level of trust into the world of cryptocurrencies, allowing institutional investors to freely dip their toes into this nascent market.

The ICE-backed exchange is expected to launch its physically-delivered Bitcoin futures on Sept. 23.

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Bakkt is just around the corner

Bakkt was supposed to be launched back in December 2018. Despite multiple postponements, the hype around this platform has reached enormous proportions.

Unlike CME, which offers cash-settled Bitcoin futures, Bakkt customers will be able to get their payouts in BTC when a contract expires.

As reported by U.Today, Bakkt Warehouse, the company’s custodian service, recently opened its doors for customers, and that coincided with somebody moving a whopping $1 bln worth of BTC on the same day.

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Crypto hopium goes through the roof

Bakkt is not the only major event to keep a close eye on. CME futures rollover is also expected to happen around the same time. According to trading expert Josh Olszewicz, this could be even more impactful in the short-term.

Meanwhile, the great descending triangle of 2019 is inching closer to the long-awaited resolution, which is about bound to happen at the same time with the launch of Bakkt’s Bitcoin futures.

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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
    📰 News

    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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