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The cryptocurrency markets staged a modest rescue rally on November 21, when the impact of the news news platform that Bakkt had postponed to its launch subsided.
The markets will shake off Bakkt and Bitcoin Cash
Led by Bitcoin Cash 00, the fourth largest cryptocurrency by market capitalization that lost 50 percent of its value on Monday, the major criptoasset winds made gains over the day, with the only exception of Tezos, which lost 4, 3 percent.
Bitcoin price 00 he had already corrected from weekly lows of $ 4237, turning around $ 4550 at the time of printing, having hit daily peaks closer to $ 4650.
Traders have reacted wearily to the "regulated ecosystem" of the Intercontinental Exchange news for cryptocurrency. Bakkt has delayed the launch of Bitcoin futures from December 12th to January 24th.
Because of what CEO Kelly Loeffler said "the volume of interest in Bakkt and the work required to get all the pieces in place", institutional investors will now have to wait until the new year to take advantage of exposure to the Bitcoin.
"As often happens with product launches, there are new processes, risks and mitigations to be tested and re-tested, and in the case of crypto, a new asset class to which these resources are applied", he continued.
So it makes sense to adjust our chronology as we work with the industry to launch.
Do you play badly?
On social media, commentators were skeptical, many of whom suggested that "insiders" knew about the decision before Loeffler advertised and sold BTC's positions, leading price capitulation.
Others have admitted that the timing of the events has been random and that volatility is due in large part to the difficult fork of Bitcoin Cash from November 15th. A fall in the technological actions Dow Jones and FAANG also took the blame.
A continuous war between the two rival chains of Altcoin and an extended negative publicity was exacerbated by suggestions from miners who left the Bitcoin network to extract Bitcoin Cash at a loss for ideological reasons.
A potential result of this, Bitcoinist reported, it could be the Bitcoin network that suffered losses as witnessed in recent days.
Where is the market going next? Let us know in the comments below!
Images courtesy of Shutterstock
