The most awaited Bitcoin futures contract rocketship has finally landed in the crypto space. Bakkt is live in action, launching its services for bitcoin trade, payments, storage, and so much more. Beginning the Bitcoin futures trade at a price of $10,115, the launch seems to impact the market slower than anticipated. At the time of writing, the trading volume is 28.
Bakkt’s launch takes the unexpected road
Bakkt’s announcement brought forth immense expectations of a bullish trend in Bitcoin’s value. However, the launch didn’t come up to the prevision as the price shows minor ascend. Wondering the reason behind the drizzle where a storm was predicted? Well, if you think more profound, the answer is no muddle. Institutional manipulations have always existed to bring twists in the markets, and Bakkt’s launch was not a different target.
Is Wall Street the manipulation guru?
Wall Street is speculated of commencing manipulative moves for its gains. The street aims to make insiders super-rich which leads to big winners and bigger losers. As we dig what’s buried, Wall Street portrayed distance from the crypto world for a long time but, no sooner did the crypto market cap struck $1 trillion than the financially influencing street made its move. Today, Wall street possesses many weapons to attack you and win the crypto market in its favor.
Manipulators buy the rumor sell the news
Media is one big influencer. Wall street leaves no effort in delivering the manipulations through media. The news content addressed by an expert can mold the market in his service. In 2017, Jamie Dimon, the chief executive of JP Morgan, defined Bitcoin as a fraud, which pushed the crypto coin’s prices down by 24%. Adding to his comment, he said: “its worse than tulip bulbs. It won’t end well. Someone is going to get killed.” No doubt he stated a fact, but people failed to take the hint. It was the killer openly calling out the victims. The harsh words spooked the market, and as the price plunged, JP Morgan purchased a total of 19000 BTC.
A Twitterati also warned about Wall Street’s abilities to rekt bitcoin.
Wall Street : Bitcoin has no intrinsic value
Bakkt : Wall Street money
White House : Bitcoin is made of thin air.
Mnuchin : I promise in 3 years we won’t talk about bitcoin.
Don’t be surprised if Wall Street destroys BTC.
— MRc (@MrCugs) September 21, 2019
Goldman Sachs, a major investor of Circle which is a peer-to-peer payment network, framed a back and forth stance on cryptocurrencies. Steve Strongin, the head of the firm quoted that most cryptocurrencies will go to zero, denounced bitcoin, eventually pushing a severe slump in prices and simultaneously funded Circle to acquire Poloniex, a crypto exchange.
Institutions pump and dump for their gains
Funding the stakeholders is another significant manipulative step. The lobbyists push forward the favorable aspects, creating hype, and altering the ongoing market scenarios. Moreover, the educational and influencing programs initiated by the insiders of Wall street are concluded to be tricky, rather than genuine.
Crypto enthusiasts, no more unaware of the dirty politics, also took their concerns to social media.
I find Bakkt’s exclusive launch of Bitcoin custody to be devious. Perhaps it’s a foot-in-the-door techique, perhaps door-in-the-face. Something is just fishy about Sibos week coinciding with Bakkt. What are institutional investors playing at? I guess we’ll just have to see!
— Bioscience Academy XRP (@learnbioscience) September 23, 2019
The Wall street cheat sheet
The Wall street cheat sheet can be applied to the crypto world. From the hope of a bullish trend to panic with the price dip fear and disbelief of bearish journey, the market passes through similar institutional manipulations.
Concerning Bakkt, it was only a minority that flipped the coin to look into the unexpected. On the announcement of the launch of Bakkt’s warehouse services, a twitter user highlighted the bear trap by the institutional investors that would inaugurate a mania phase.
#BAKKT sell the news?
1. Take off
◾INSTITUTIONAL 👉 BAKKT
2. First Sell off 👈🧐
— 𝓥𝓮𝓵𝓿𝓮𝓽 📊 (@888Velvet) September 10, 2019
NYSE indicted for market manipulation
The New York Stock Exchange (NYSE), also reared by the ICE, the parent company of Bakkt is not an innocent chap in the market. The exchange is charged with the market manipulation trading case. The investors have filed against the exchange for violating security laws by providing information based on data feeds, co-location, and others, to only HFT firms, conducting an unfair advantage resulting in market manipulations.
NYSE’s expensive resolve
In 2014, NYSE paid $4.5 million to settle the charges pressed by the SEC. The exchange was accused of scoffing its own rules. NYSE failed in acquiring approval for co-location services, allowing some trading firms to pay less than others. Prior to this, in 2012, the exchange paid $5 million to resolve the accusations of providing real-time market information to exclusive customers before disclosing it to the public en masse. The exchange is a culprit of putting profits before the laws.
In all, the profit-making scheme is more of a “others’ loss project.”
Bakkt- A trick or treat?
Bakkt ascending the contribution of institutions in the crypto world is apparently paving the way for extreme manipulations. Is it the calm before the storm or will Bakkt succeed as a revolution?