Why Did Bitcoin Cheapen? Bakkt Platform’s Launch Is Delayed For A Month
Operator of New-York fund exchange ICE explained the reason of delay of an event which may positively impact the digital money industry. Probably, that’s why the users started selling the cryptocurrencies.
Operator of New-York fund Intercontinental Exchange delayed launch of platform for institutional investors – Bakkt – from December, 12th to January, 24th, 2019. The company said that more time was needed to let the clients and market participants to get ready for this. Probably, this could influence bitcoin’s rate which started dropping several days ago and still drops.
As the CEO of Bakkt Kelly Loeffler says, the delay is explained by high level of interest to this area and huge amount of work to do. Loeffler also added that some resources are needed for cryptocurrencies. She says that new procedures and risks are often being determined during the process of launch of new products and they require testing, so it makes sense to change the timeframes.
She states that Bakkt won’t be confined to trading bitcoin and future contact of one type. The platform is going to launch new tools as the crypto industry develops. Loeffler highlights that the company will make the crypto market switch to more available, useful and regulated tools.
Operator of New-York fund Intercontinental Exchange announced launch of Bakkt in August, 2018. Then the ICE representatives announce the date of launch of the first product’s platform – bitcoin futures with physical supply of the asset, it should have become available on December, 12th.
Many experts have high hopes for launch of this platform. For example, the main analyst of Fundstrat Tom Lee called this event one of the reasons why bitcoin might increase in price rapidly by the end of 2018. Galaxy Digital’s Mike Novogratz has the same opinion.
Bitcoin cheapened by $2000 for two last weeks — from $6500 to $4500. Market capitalization decreased by $75 billion to $145 billion.