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.
— Block to the Chain (@blocktothechain) September 24, 2019
— myfxinfo (@myfxinfocom) September 24, 2019
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.
— The_Ring_Lord (@The_Ring_Lord) September 24, 2019
Such enormous liquidation is synonymous to the last year’s, where BTC price dropped from 6K to 3K, a twitter user highlighted
— Unfolded (@cryptounfolded) September 24, 2019
Yesterday, after sticking at the trading volume of 4, they ended with 166 contracts as the manipulative moves slumped the price to $8,560.
You CANNOT tell me that this move was not by institutions. 2 hours ago there were 14 contracts. Now there are 161. Wake up folks.
— ₿it₿oy (@Bitboy_Crypto) September 24, 2019
Up to 16 #btc. Just did a 4x with this current dip
— XRP Zen (@xrpzen2) September 24, 2019
Some of the Twitteratis mocked the people who expected that Bitcoin would be seen in a crown post-Bakkt’s launch.
— Nick (@DaytraderNick) September 25, 2019
Yeah futures contract from #Bakkt have priced #bitcoin at this price dropping it lower. Everyone thinks the futures contract was about making bitcoin sky rocket.. NO it was more manipulation but for the government now 😂😂😂
— XRPfolyfe (@MyXrp589) September 25, 2019
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.