See More

Bitcoin Price Crashes to $8,000 One Day After Bakkt Futures Launch

2 mins
Updated by Adam James
Join our Trading Community on Telegram
Just a day after Bakkt’s Bitcoin futures platform went live, Bitcoin dropped below $9,000, trading at around $8,400 as of press time.
Bitcoin Price Why? Well, there are a few speculations, but researcher Larry Cermak (@lawmaster) tweeted out that close to half a billion in liquidations occurred via BitMEX. Bitcoin hasn’t been this low since June, and such a sharp drop is unprecedented as well despite the price having fallen below the $10,000 mark over the past week. On top of this, Ethereum and Litecoin have dropped around 20% as well. This news goes against what many believed would happen with the launch of Bakkt’s futures platform. Instead of a price drop, traders hoped that Bakkt would skyrocket Bitcoin’s value. However, the platform saw a disappointing launch, with only 71 contracts made in its first 24 hours of operation. That said, this sort of drop has happened many times before, and some investors aren’t worried about the potential consequences. One Twitter user even said, “When in doubt, zoom out!” They’re referring to the fact that a short-term drop doesn’t mean the end for Bitcoin at all. https://twitter.com/bitcoinization/status/1176596027132039170 Still, this leaves many to question why Bakkt may not have pushed the price as high as investors had hoped. There’s the belief that brokers simply aren’t ready for the market, or that they’re prepping to make significant trades later on. As you may know, Bakkt’s Bitcoin futures are different than the ones provided on the Chicago Mercantile Exchange (CME) or Cboe in the fact that they’re settled in physical Bitcoin instead of fiat. However, when compared to other financial vehicles Bitcoin still has one of the highest ROI’s out there, meaning there’s probably still a long way to go before we see the asset either stabilize or outright fail. What do you think about the big Bitcoin drop? Will it recover shortly or will we sit around at these lows for a while? Let us know your thoughts in the comments below.
Images are courtesy of Twitter, Shutterstock, TradingView.
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Max_Moeller.jpg
Max Moeller
Max is a cryptocurrency journalist with an affinity for games and emerging technology. After leaving school to start a writing career, he wrote his first article on blockchain and fell down the rabbit hole. Since starting in 2017, Max has worked with multiple blockchain startups and crypto enthusiast spaces, doing his best to educate the world on the nascent technology. Max has been published in various blockchain and crypto related magazines before settling down at BeInCrypto to focus on...
READ FULL BIO
Sponsored
Sponsored