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Bakkt Beta: How will Bitcoin {BTC} recovery be affected following the release

Bitcoin

As of this moment, the king coin looks drowsy in a market. A meager decline rate was observed which brought the price to $10,598.39. The circulating supply has 17,831,250 BTC tokens in play. The trading volume recorded has grown to $16.091 billion. The total market cap of Bitcoin is $188.982 billion.

So far, BTC has not been able to rally in a positive manner. However, the game is afoot. A slight bump was noted during the course of Saturday and Sunday, which had helped BTC reach $11,000 for a short span of time.

The launch of Bakkt’s futures contracts is expected to take place today. In spite of regulations being a few obstacles, this might just help BTC soar higher than expected, to $12,000.

There is major resistance near $10,700 beyond which there is a possibility of smooth-sailing if buyers are able to effectively cease control. The testing phase for Bitcoin futures for ICE-backed Bakkt will kick off ASAP, which will hopefully give BTC the edge it needs to grow.

The COO Adam White had stated a month ago, “This launch will usher in a new standard for accessing crypto markets…” At that time, BTC was below the $8500 level, but has since gained in price.

As years pass, more people are coming to realized the backdrops of fiat currencies. Few think that Bitcoin has already reached a gold standard, thereby dubbing it as “Digital Gold”.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.