Making the Case for Bakkt and NASDAQ Signaling Bitcoin (BTC) Price Bottom
Though this has been a rough few weeks for bitcoin, there are those who still believe that the cryptocurrency has a future and a bright one at that. On November 27, cryptocurrency experts, institutional investors, and speakers from various entities such as Goldman Sachs, Coinbase, and TD Ameritrade met to discuss cryptocurrency’s role and its future. CEO of Bakkt Kelly Loeffler also attended the event.
Concerning bitcoin’s price depreciation, some believe that it has to do with Bakkt’s decision to delay the launch of future price options until January 24, 2019. During the event, Loeffler discussed the delay and stated that Bakkt has received a great deal of feedback and attention, much more than the brand anticipated. The purpose of the delay was to ensure that the brand is able to accommodate those who are interested in participating.
The Intercontinental Exchange founded Bakkt. The Exchange is one of the largest stock market exchanges and even though the market has not been performing well lately, the exchange’s stock has been an exception. A few factors that may have influenced its positive performance is institutional interest concerning Bitcoin and the potential release of futures involving Bakkt.
In addition to Bakkt, NASDAQ may be interested in getting in on the action. It has considered offering bitcoin futures at some point, perhaps in 2019. NASDAQ is the second largest exchange, right after the NYSE.