BTC sees red as Bakkt Warehouse Custody goes live, Fed Chairman claims no demand for crypto.

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The anticipation of the crypto community will end soon as Bakkt will start offering bitcoin futures trading from 23rd September. Bakkt has already opened its warehouse custody for institutional traders. Since the company has gone live with its warehouse custody service, the price of bitcoin has gone down by 2%.

After so many delays, Bakkt finally looks positive to enter the crypto market. Bakkt is a subsidiary company of International Exchange Inc. who also owns the New York Stock Exchange. On the same day, Bakkt went live US federal reserve chairman, Jerome Powell spoke about crypto market in Switzerland.

Powell did not seem excited about the crypto market in his speech as he said that the federal reserve is not actively thinking about it as compared to other central banks. He added that they are careful with the cryptocurrencies and it raises significant concerns that they want to resolve with cybersecurity chief.

Some have linked Powell’s speech to the overnight 2% downfall in the leading cryptocurrency’s price. Fed chairman said that he does not think there is demand for central bank-backed cryptocurrency as consumers already have plenty of alternative payment methods. When asked about Libra, Fed Chairman said that the company would have to comply with higher regulatory standards because of the social media company’s huge user base all over the world

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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