Bakkt is starting to blow up again, will BTC pick up the market again?

Interpretation today

Recently, Bakkt, the BTC futures contract trading platform led by the Intercontinental Exchange (ICE), has resounded. Chief operating officer Adam White posted a blog on Medium saying that Bakkt is scheduled to launch a BTC futures contract user acceptance test on July 22, the contract will be by its mother. Company listing and trading.

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The Intercontinental Exchange is also the parent company of the New York Stock Exchange, which has a history of more than 200 years. Its leading Bakkt is born with a golden key. During the New Year's Day, Bakkt CEO Kelly Loeffler said that the A round of financing included Boston Consulting Group, CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch Partners, Alan Howard, Horizons Ventures, Intercontinental Exchange, Microsoft Venture Capital, M12, Pantera. The $182 million investment of 12 well-known institutions including Capital, Payu, Naspers' FinTech division and Protocol Ventures was valued at $740 million. The investment organization has a strong lineup and can be described as a deep background.

Bakkt announced in May that it will conduct futures contract testing in July, this time not only finalized the specific date, but also announced the specific details of the monthly contract and the daily contract.

Each contract for both contracts includes 1 BTC and the lowest price fluctuation is $2.50 per BTC. The duration of a monthly contract can be as long as 12 months, and the duration of a daily contract can be as long as 70 consecutive qualifying contract days.

Unlike the Cash Exchange Contracts of the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME), Bakkt is contracted on a spot basis, ie, when the contract expires, the customer will receive a real BTC spot instead of waiting. The value of the currency. This can effectively constrain the short-term strength of the BTC, because the number of BTCs is limited, and the infinite shorting of the BTC will no longer be possible.

Whether it is the strength and background of Bakkt itself, or the rules of real delivery can curb the infinite short-selling behavior, it seems to be a major positive for BTC. Adam White compared the release of Bakkt to the Apollo 11 moon landing, and Bakkt will be a big step in setting new standards for the encryption market.

Bakkt was originally planned to be launched in November 2018 and later extended to January 24 this year, but it has not been released until now, and may be related to the regulation of the US Commodity Futures Commission (CFTC). Although ICE is already a “designated contract market” registered with the CFTC, futures contract products can be listed for trading without prior approval from the CFTC. Today, the BTC has only risen symbolically and seems to have calmed down such news. But looking at the current situation, Bakkt is a big probability event on the line this year, which means that a large number of traditional financial capital such as the regular army on Wall Street will enter the market, and will attract global traders to participate, perhaps to shake a wave of bull market, then When BTC is likely to lead the market in a unique way.

Market research

Overall view

Today, the BTC rose slightly, but the main circulation certificates such as ETH and EOS failed to link, but fell, which may be related to the stimulation of Bakkt and other news. However, the BTC's long position is still weak, and USDT's over-the-counter premium rate has continued to fall. Explain that funds have formed differences in the short term, some choose to profit from leaving the market, and some will turn their attention to non-main circulation certificates that have not yet risen. In the long run, the rising trend of BTC has not changed. If the short-term correction is still a good time to increase the position.

In December 2018, we clearly pointed out BNB's investment opportunities in the bear market, and the first to propose that the BNB in ​​the bull market will enjoy Davis double-click (hedging: the platform pass the bear market profit key – the certificate valuation series) 2) In October 2018, we will point out the price cycle of BTC and predict the bottoming time to be around May 2019 ([Classic update reappears] three laws and applications of BTC Bulls and Bears cycle – Freezing Point Outlook A); In April 2018, when the remaining temperature of the bull market had not been exhausted, we indicated that it was a rebound rather than a bull market (whether the bull market is coming? It is the four reasons for the rebound rather than the bull market).

Today, the BTC rose slightly again, breaking the previous pressure of $8,200. After hitting the top of $8,300, the potential was insufficient and the sideways were trimmed, but the support level gradually moved up. From the 4-hour line, the K-line trend fluctuated upwards, and the trend was strong. The short-term support was supported by the BOLL mid-rail, and the pressure was on the upper rail of the BOLL. The support level is 8000 and the pressure level is 8300.

ETH failed to link BTC, with a 10% increase in the previous two days. It is currently in a downward adjustment, with support at 246 and pressure at 263.

EOS failed to link BTC and oscillated alone. The current support level is 6.2 and the pressure level is 6.6.

risk warning

The price of digital pass is fluctuating violently. Investment digital pass is a high-risk investment behavior. Investors should reasonably assess their investment ability and risk tolerance, use leverage carefully, strictly control risks, and invest carefully. Investors are advised to keep in mind that investments are risky and require caution when entering the market.

Disclaimer

Personal opinions are for reference only. The analysis in the text does not constitute a recommendation for trading, and the profit and loss is self-sufficient. Welcome to reprint, but need to indicate the source.

Source: Coins

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