Bakkt’s bitcoin futures and custody platform launch on 23 September is a shot in the arm for crypto, but in addition to boosting bitcoin it could also raise the profile of Ethereum. The long-awaited physically settled futures should qualitatively shift market composition toward greater institutional influence. A crypto trading and payments ecosystem, Bakkt is a subsidiary of Intercontinental Exchange, the owner of the New York Stock Exchange. Bakkt hopes to quicken the pace of institutional bitcoin adoption. Its custody pitch for best of class offering comes in its securing of $125 million of insurance protection for its bitcoin “warehousing” custody arrangements. The bitcoin price reacted positively on the announcement from Bakkt. As it happens, the timing more than cancelled out the unsurprising news that the US SEC… [Read More...]
Bitcoin Rebuffed at $11,000 But Still In Bull Territory
Bitcoin has failed the $11,000 test again although it was a pretty half-hearted attempt. Touching $10,948 on Coinbase, the price quickly retreated to currently trade at . Just as the 200 MA on the day chart is providing support, it is the 4-hour 200 MA that s the resistance that could prove a hard nut for the bitcoin bulls to crack. Bitcoin is $1,000 higher since the news broke of Bakkt bitcoin futures going live on 23 September. That Bakkt bump looks like it could be running out of breath in the short-term. Wall Street analyst Thomas Lee, co-founder of FundStrat noted the attack on 11,000 seemed to confirm that tripe tops do happen, but he “boom of the third top ha since sagged. BOOM! #Bitcoin again showing there… [Read More...]
Trump Says The R-word – How Bitcoin Wins From Recession and The Thucydides Trap
First oublished The R-word – recession – passed the lips of US president Donald Trump yesterday, and despite recent price action, that’s a positive for bitcoin. The consensus of analyst opinion is that there will not be a recession in the US this year or next. But, as we shall see, those comforting findings do not tell the whole story and it is one in which recession could benefit bitcoin Bitcoin is currently priced at $10,180 after failing twice in as many days to break above $11,000. Anthony Pompliano from Morgan Creek Digital Assets was in conversation with Joe Kernen on CNBC yesterday and he was in typically bullish mood, although he does see possible temporary setbacks for bitcoin from regulatory pressures and the of… [Read More...]