Bitcoin Price Surges Over $8600. Is Bakkt Manipulating BTC Price?
On Sep 12, 2020
Once again, the price of bitcoin has managed to cross above the $8600 mark after falling to $7,800 last week. Bitcoin has made a decent recovery since its two-digit fall the previous month. Noticeably, the trading volume on the Bakkt has also increased considerably. Earlier the day after the Bakkt’s launch, the price of leading cryptocurrency fell 13% in the space of 24 hours.
The much-hyped launch of Bakkt’s physically traded BTC futures met with disappointment during its first week. The exchange failed to report any significant trading volume in its first week. But on October 9, the exchange recorded a trading volume of 224 BTC, which is around $1.9 million according to the current price. However, the trade volume was not massive, but it was quite an improvement.
Is Bakkt manipulating BTC price?
Many experts from the crypto community have linked Bakkt with the possible price manipulation of the leading cryptocurrency. The launch was considered one of the reasons why BTC fell from around $9,500 to $8,000 in the space of 24 hours. And now the trading volume has increased on the ICE backed exchange the price of the leading cryptocurrency has also managed to make a significant recovery.
The launch of Bakkt was hailed as something that would boost the BTC market. Bakkt has allowed institutional investors to trade in BTC. The head of Grayscale Rayhaneh Sharif-Askary informed that the demand for bitcoin among institutional investors has been on the rice regardless of what the media has reported last month. It would be interesting to observe how the price of BTC reacts in accordance with the trading volume on Bakkt.