Bakkt Was A Major Let Down
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With Bakkt now a week old we take a look back at the numbers.
Bakkt was thought to be the one system that would end up flooding money into the crypto markets.
However with a disappointing launch and crypto prices diving nearly 25% since it's launch the downtrend looks like it most likely will continue. Bitcoins target seems to be around the $7,500 level. Others are saying we are headed back to $3,000 however I don't see that being the case. $5,000 for me would be a real stretch for negative and $7,500 sounds reasonable for a correction.
Bakkt ended up only brining in $5.8 million dollars in its first week. That is an extremely weak response from institutional investors.
Ethereum has been correcting it's price however has been remaining rather steady with price estimates for 2020 for $3,000 +. This could be very possible with the amount of development and updates happening in 2020.
Total let down!!
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People waited 2 years for it lol
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lol seriously and what a let down. Then again there are other systems already in place which already do what BAKKT does so we shouldn't have expected to much from it really.
oh yeah thank you @michealb for the down vote for no reason so kind of you
your welcome. your post is sitting on front of trending thanks to therising. figure you would be happy with the payout and positioning of this post not complain about a small downvote.
heaven forbid someone that writes an real post and replies to valued comments with valued feedback be on the trending page lol
Heaven forbid that people should have to justify their votes, or that you'd whine about what someone thinks of your post.
Disagreeing on the rewards of a post is a valid reason for downvoting. We have to stop considering downvotes something negative, especially in high value posts. They are there to balance the rewards to a level users can agree on.
Kinda sad to see the market tanking so hard right now. I wonder if the bear market was partly why Bakkt did so poorly.
I’m very sad to see LTC tank to sub $60... I wonder when it will be safe to buy back in.
Yeah LTC kid of hit a brick wall in terms of development. It seems like all the talk about it was all hype and sadly nothing was really being worked on. The only real blockchain I have seen significant advancements on this year has been Ethereum only.
Bear market I am sure had some factor into the low amounts. But I also think a major part of it was two systems already offer what Bakkt does (other then payouts are done in BTC instead of cash) but the lack of funds coming into the crypto space is a big deterrent
Honestly, I expected that to happen, at least in short notice. It's literally irrational to assume that bakkt will pump the price of btc, maybe it'll have some effect after few monts
As is common in the stock market: buy the rumour, sell the news
Those people that thought institutional money would flood into bitcoin on the first day are just silly.
These investors know that the news was already priced in, so for the time being bitcoin was overbought.
So they wait until the price drops until it has reached their predetermined price point. And then they will slowly build.
These guys think in years or even decades, not days. They have time to wait until the weak hands have given up.
A year from now things might be a lot more interesting.