The recent delay of Bakkt and Bitcoin Cash fork drama have both worked to amplify the effects of an already brutal bear market over the course of the past weeks. As the Bitcoin price spiraled below US$4,000, more and more investors, traders, and miners have been forced out of their positions. Is the bottom in, or is there still a sea of red to come?
While market sentiment continues to reveal that most are calling for Bitcoin to continue to fall, the fundamentals are in place to suggest that BTC still has a bright future. While panic has been the tone of the space as of late, the general climate at this year’s Consensus: Invest has been far from it.
The event is made up of experts in the field, alongside institutional investors and other mainstream investment entities looking to explore the role that crypto assets could play in the future. The event, which takes place today, November 27, includes speakers from the likes of Goldman Sachs, Coinbase, New York Times, TD Ameritrade and more.
Among these participants also includes Kelly Loeffler, CEO of Bakkt. One of the major causes behind the recent price depreciation has been the sudden move by Bakkt to delay launch of their futures options one month, to January 24 of next year. Loeffler addressed this situation, explaining that Bakkt had received more attention than they had anticipated. The decision was made to better accommodate the wealth of institutional players lining up to participate.
The CEO of @NYSE crypto exchange @Bakkt says she delayed the launch because "the pipeline filled up with customers." At #ConsensusInvest from @coindesk via @ForbesCrypto pic.twitter.com/gHHnYF6VUj
— Michael del Castillo (@DelRayMan) November 27, 2018
Bakkt is the next major development from Interconntinental Exchange (ICE), a company responsible for many of the largest stock markets and commodities exchanges in the world, such as the New York Stock Exchange. Despite a slumping stock market, ICE’s stock has seen double digit growth this over the course of this month. These two factors suggest that institutional interest in Bitcoin is massive, and the January release of Bakkt’s futures will inevitably lead to a massive inflow of new money into the markets.
Of course, Bakkt is not alone in its race to Wall Street. It’s primary competitor, NASDAQ, has also reaffirmed their intention to offer Bitcoin futures in the near future. Despite the recent market movements, NASDAQ still plans to list Bitcoin futures at some point within Q1 of next year. As it currently stands, Bakkt seems to be poised to offer these services first among the two, but the reality will not be known until January rolls around.
As NYSE is the largest exchange in the world, and NASDAQ the second largest, these two entities represent a competition between gargantuan players that has certainly caught the attention of institutions at every level.
At time of writing, the Bitcoin price continues to straddle the US$3,700 marker. Whether we’ll see more dips in the coming weeks is anyone’s guess. But looking further ahead, January should certainly shape out to be a huge month for cryptocurrency, and it’s only a matter of time before speculators saddle in for the next couple of months to come.
