Analysts: Bitcoin penetrates global finance with confidence
The launch of supplying futures from Bakkt began on time, without causing a hype. However, this event is most closely monitored by market participants. That was also confirmed to LetKnow.News by a team of FxPro analysts.
According to the latest data, in the first day of trading, the platform managed to show a value of 71 BTC (more than $700,000), while contracts on Tuesday morning are concluded at a price of $9,840.
“It is likely that the platform has not yet reached its estimated trading capacity, and therefore does not provide the expected support for BTC. If in the next few days the volumes grows, the market will receive the expected impulse of optimism,” analysts say.
They draw attention to the fact that over the past day, bitcoin fell by almost 2% and is trading below $ 9,800. After reaching a local minimum of $ 9,700, they began to redeem the coin, as can be seen in the increased trading volumes. However, their scale still does not allow BTC to regain lost ground.
“We can’t say that the launch of supply
futures was a disappointment to the market. An indicator of 71 BTC is significantly more than the failed limited ETF from VanEck and SolidX, which attracted only 4 BTC. However, market participants are still very cautious. That’s quite logical and indicates a growing cryptocurrency market, ” FxPro believe.
While the rollback of bitcoin is still in question, since the price can turn around at any time, the situation with altcoins is much more complicated.
“Last week there was a reversal of a long bearish trend. However, the beginning of the new week showed that trust in these digital assets is still very limited, ”experts continue.
Ethereum (ETH) rate over the past day has been falling by almost 5% and is about to return to $200, the level, for which there has been such a stubborn struggle. XRP also lost all of its gains and is trading around $ 0.27. Bitcoin Cash ( BCH) has been losing over 5% in the last 24 hours and is trading for $291. Litecoin ( LTC) is the record holder for the decline among the Top 10 coins, losing more than 8% in the last day and falling to $67.
“The Bitcoin dominance index again turned to growth and reached 68.5%, which clearly indicates a reversal of the dynamics against altcoins. Perhaps this is a temporary phenomenon, but if Bakkt succeeds, we can see an even more intense increase in the BTC dominance index,” analysts said.
The news came out that fully regulated trading of the BTC/EUR pair was launched in Germany on the Börse Stuttgart Digital Exchange (BSDEX), and is available for both institutional and retail investors.
“Fundamentally, everything indicates an influx of funds into the
crypto sector, and into bitcoin, in particular. Little by little, BTC is gaining a place in the conservative financial world,” the company concluded.