Bitcoin (BTC) fell to $10,000 once again in some exchanges but it remains traded above that level. The virtual currency fell around 1.25% in the last 24 hours. This comes at a very important time for Bitcoin. In just a few days, Bakkt will be launching its futures on Monday, September 23.
Bitcoin Falls Before Bakkt Launch
The whole cryptocurrency market is operating negatively. 9 of the top 10 digital currencies are operating in negative territory. During the last week, altcoins outperformed Bitcoin. Ethereum (ETH), Litecoin (LTC), EOS and Stellar (XLM) have been the best performing digital assets.
According to data provided by CoinMarketCap, all the aforementioned virtual currencies fell, with the exception of EOS, that surged 2.88% in the last 24 hours.
Ethereum is falling 0.45%, XRP 1.2% Bitcoin Cash (BCH) 1.33%, Litecoin 1.42%, Binance Coin (BNB) 0.56%, Bitcoin SV (BSV) 0.61% and Stellar 6.32% after skyrocketing around 40% or 120% in some exchanges.
Bitcoin has been traded between $9,800 and $10,500 most of the time for over a month. There were some periods in which the virtual currency fell to $9,400 or tried surpassing $11,000, nevertheless, buyers and sellers appeared right away.
Bitcoin has been traded in a triangle since June this year, after a massive price increase from $3,200 in December 2017 to $13,750 in June 2019.
Many enthusiasts consider that Bitcoin could break to the upward in the coming days, even this weekend. Bakkt, a company created by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), is going to start offering Bitcoin futures contracts backed by real Bitcoin.
This would allow many users and institutional investors to place their funds in the cryptocurrency market. Bakkt is also going to provide legitimacy to the whole crypto ecosystem and to Bitcoin as an investment tool.
Bakkt is just one of the many new projects focused on institutional investors. There were several proposals to launch a Bitcoin Exchange-Traded Fund (ETF) that didn’t prosper in the market. However, Fidelity Investments is also working on its own crypto project to start onboarding institutions to the crypto space.
If Bitcoin is able to hold $10,000, institutional investors could be a catalyst for the price of the most popular virtual currency to move upwards the coming days.