Bakkt went live in action on 23 September but paradoxically, lacked any action. The much-awaited launch did not succeed in bearing the anticipated fruits. First of all, only 72 bitcoins were traded on the first day, and even by a week, it managed to trade BTC worth only $5 million. When compared to the CME’s launch of bitcoin futures contracts, it traded around 5298 bitcoins on its first day.
Secondly, the expected hike in bitcoin prices took the road to downslide within 24 hours of the platform’s launch. Bitcoin fell by almost 13% and is still facing resistance to rise. Nonetheless, it was speculated to be manipulations of the institutional investors as Bakkt did wide-open gates for the institutions.
In an interview with CNN, Adam White stated the hope of price recovery in bitcoin through some efforts by Bakkt daily and monthly futures contracts; however, that backfired.
Although Bakkt failed to leave an impression on the crypto market, yet there pops a question of whether there is any other big event left in the bitcoin world? Yes, there is.
Bitcoin Halving 2020:
The cryptocurrencies possess a limit, which makes them deflationary. Bitcoin sustains a limited existence with only 21 million coins that can be mined. Every four-year bitcoin goes through halving, where the reward prices achieved by the miners reduce in half, inflicting a significant impact on the price of the cryptocurrency.
After the halving of 2016, the bitcoin price experienced its all-time high. Does the next halving event holds the same success for the crypto coin, we will know.
