Besides BAKKT, Binance said its OTC desk has seen more sell flows than buys. Traders have moved out of their altcoin positions and even BTC positions when BTC prices were around $10,000.
As the Bitcoin price reaches its lowest point in the last 3 months, it will be interesting to see how BAKKT and institutional investors will affect the cryptocurrency market.
Bakkt will not be relying on spot markets for settlement prices, which, the company thinks, is a differentiator given that there have been reports of “manipulative spot market tradings”.
Bakkt is an Atlanta-based exchange that has been developing a seamless and globally accessible platform for buying, selling, and storing digital assets. The company began testing last Monday, July 22, with participants from around the world.
The media feasted on reports that Starbucks will soon accept bitcoin, only for the coffee chain to clarify that it’s not true.