Bitcoin (BTC) and cryptocurrencies will gain confidence with the launch of the Bakkt institutional trading platform, a known analyst said.
More praise for Bakkt
In a tweet On September 19, Fundstrat Global Advisors co-founder Tom Lee joined the growing number of optimistic Bitcoin figures on Bakkt's impact on space.
The platform will be operational on September 23 and will offer Bitcoin physical futures for the first time. Investors, who have been able to deposit funds since September 6, will receive payments exclusively at BTC.
The remaining days before launch have so far been characterized by mediocre progress in the Bitcoin markets, which once again has fallen below USD 10,000. However, now that it is recovering, the price of BTC could change considerably once again in the short term. Lee wrote:
"I am very positive about Bakkt and his ability to improve the trust of institutions in regard to cryptos."
The price of Bitcoin fell before the date of refinancing of BTC futures
The answers generated a new theory about the current weakness of Bitcoin prices, which made it focus on Thursday as a day of change for the CME Group's Bitcoin futures.
As Cointelegraph reported, the expiration dates of the futures and refinancing have historically put pressure on the Bitcoin markets.
Meanwhile, in September there was also a quieter entry of futures through Binance, the cryptocurrency market. At the launch last week, however, the figures revealed a significant open interest of USD 150 million, even when the product was still operating in invitation mode.
At the same time, open interest in CME futures fell to its level lowest in the last 4 months, while the evolution of Bitcoin prices did not skyrocket.
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