Bakkt Is Finally Taking Bitcoin Deposits, but You Would not Know It – CCN Markets

Bakkt picked a tough day to begin securing assets, but it's still been on bitcoin's highlight reel in 2019. | Source: Shutterstock

This has been hailed as the leading catalyst for the bitcoin market this year, while institutional visions of institutional capital have been established in the crypto community's collective heads. Bakkt Warehouse Custody, which is the arm of the business that will keep big investors' funds safe while they trade.

Bakkt Warehouse custody is live.

Now accepting customer bitcoin deposits and withdrawals. Only 17 days before the Bakkt Daily and Monthly Futures Contracts launch on Sep 23.

– Bakkt (@Bakkt) September 6, 2019

Bitcoin futures trading is not starting until Sept. 23, but the warehouse custody feature is designed to familiarize big investors with the process, Bloomberg reports. Instead of celebrating and treating it, it is supposed to be, however, the bitcoin price is roughly 2% in the last 24 hours. So what gives? Let's just say Bakkt picked a tough day to begin securing assets, but it's still been on bitcoin's highlight reel in 2019.

Was Bakkt Overshadowed?

Fed Chairman may not be on President Trump's good list, but he is not making any friends in the crypto community, either. Earlier today, while in Switzerland, he threw some shade at cryptocurrencies, saying:

"I think it's a matter of course that we're looking at how it's done. [are] more than we are. For us it is important that we want to see carefully resolved, "with cybersecurity chief among his concerns.

He went on to insult the crypto market by suggesting that nobody wants it and pitting it.

"It's not clamoring for this." "I'm not clamoring for this."

Meanwhile, the combined crypto market cap has ballooned to $ 262 billion. Grayscale Investments alone oversees approximately $ 2.7 trillion. Bitcoin as a store of value has gold investors shaking in their boots. Leading crypto companies are poaching top talent from Wall Street Banks, the latest of which is Gemini hiring a new chief compliance officer. And corporate America is racing to the front door with a cryptocurrency offering, as well as numerous blockchain filings and partnerships, not to mention one social media giant's quest for its own coin. If demand is so meager, why are companies and venture capital firms for millions of dollars into Libra just to get a place at the table?

As it turns out, Alex Kruger explained, coincidentally, as a trader and economist.

Does not look like this is related to the drop after all.

Likely coincidental, no narrative ¯_ (ツ) _ / ¯

– Alex Krüger (@krugermacro) September 6, 2019

The drop in price also coincides with a certain whale who moved $ 1 billion worth of BTC today.

And while Bakkt may have had unfortunate timing with the first leg of its debut, one can argue that its effect on the price is obvious all year.