Saturday, July 2, 2022

Bakkt manipulates; REKTS BTC; futures trade volume increases from 4 to 216

Bakkt failed to hit success, but it did not miss to commence manipulations.
Bakkt failed to hit success, but it did not miss to commence manipulations.
BitcoinBitcoin NewsBitcoin PriceCryptocurrencyCrypto News
Ramon AnderSon
Ramon AnderSon

The Takeaway:

Bakkt failed to hit success, but it did not miss to commence manipulations. After maintaining the least trading volume for two days, the platform surfaced with a sudden increase in the volume. This increase was not independent action, Bitcoin price dipped by around 13% that ascended the trading of contracts. Manipulators have certainly taken over the market. Is Bakkt making history in manipulations?

Bakkt did underwhelm the traders but seems like it has triumphantly overwhelmed the manipulations. Bitcoin plunged more than 13%, dropping below the bar of $9000 and, simultaneously, trading volume on Bakkt has accelerated. In less than 24 hours, the platform famously traded up to 216 futures contracts, confusing the crypto market. 

 

Manipulators take the crypto market wheel

The price slump was a major possibility. Bakkt has apparently built a broad alley for the institutions, and the rise of manipulations is no surprise where the institutional investors are involved. As of now, they seem to have risen into action. Wall street is theorized to be the chief manipulator. Caitlin Long, a Wall Street veteran, stated the street’s tendency of controlling the digital currency by sprouting its influence via leverage, ascending the claims to the coins. It entirely possesses the skills to exaggerate and mold bitcoin prices and hold an upper hand in the market. 

 

Bakkt backed by manipulations

If we look deeper, Bakkt’s own family is no clean. The platform is itself backed by the liquidation kings. The New York Stock Exchange (NYSE), also parented by ICE, Bakkt’s owner, is under charges for market manipulations. The institution has paid millions to bury the files with cases against it. In 2012, the exchange gave $5 million to resolve the charges for deriding its own regulations by disclosing exclusive details to selected insiders before unveiling them to the market. In 2014, it paid $4.5 million to settle the charges pressed by SEC. 

 

Is Bakkt the end of Bitcoin?

Chaintimes earlier cited the probability of price crash following the launch of Bakkt. Several reasons supported the decision of selling BTC short before the platform’s emergence in the crypto world. Analysts and traders have predicted the bear claws pulling down the prices faster than anticipated. The declaration of Bakkt last year, and launch of its warehouse services itself pushed bitcoin value down the slide. 

Bakkt held immense bullish support, yet, it has failed to dazzle as a revolution. 

BTC market liquidates millions with Price dip 

The significant percentage of crypto traders had opted to go long, and here, they stand suffering. As per the data by Datamish, $651 million of BTC was liquidated on BitMEX post the severe slump of around $1,500 in just several hours.

Bitcoin has slid into the red support zone, and Bakkt has acted as the fuel. 

Such enormous liquidation is synonymous to the last year’s, where BTC price dropped from 6K to 3K, a twitter user highlighted

Yesterday, after sticking at the trading volume of 4, they ended with 166 contracts as the manipulative moves slumped the price to $8,560. 

Some of the Twitteratis mocked the people who expected that Bitcoin would be seen in a crown post-Bakkt’s launch. 

Bakkt didn’t make history in success but might stand firm for bitcoin rekt.

 

Do you think the institutions are the real crypto bears slumping the bitcoin prices? Share your insights.

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Ramon AnderSon
Ramon AnderSon
Ramon is a senior market research analyst who is very passionate about bitcoin. He has a degree in Applied Science from Assumption College, Worcester.

3 Comments

  2. Bitcoin is the last of the shitcoins and will eventually fade away. Bitcoin does not have a true catallyst to drive it to new all time highs and there is no interest in it. People are already cashing out so dont get left behind. Im done with BTC i gave it 3 years and its not going anywhere but down 📉👎

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