The price of Bitcoin (BTC) has risen in recent days and has again crossed the $ 10,000 threshold.
Bitcoin 7-day chart Source: Coin360
August 28, Bitcoin dropped $ 600 in half an hour – dropping below the $ 10,000 mark before falling to a weekly low of $ 9,362 on August 29. The price has slowly recovered since then and is currently trading at $ 1
Last week, cryptocurrency investor and Galaxy Digital CEO and founder Michael Novogratz said Bitcoin was in a consolidation phase and predicted it was imminent The involvement of institutional investors in the crypto environment would fuel the next stage of the bull run, he said:
“Bitcoin started the year at $ 3800, traded at $ 3500 and now it is at $ 10,200 and that is up 200% weird percentage already. […] It's been a tremendous race, and that's why I think so Tea is a bit of consolidation. "
Bakk's Effect on Bitcoin's Price
The long-awaited Bitcoin futures trading platform Bakkt announced recently that it will begin accepting deposits for its Bakkt Warehouse storage service on September 6. The platform itself will trade on September 23.
Analysts are unsure what Bakk's launch could mean for Bitcoin prices. The launch of Bitcoin futures on CBOE and CME precipitated the ensuing crash in early 2018, according to some.
Bakk's futures contracts are settled in Bitcoin, which means investors will receive BTC in their accounts after settlement instead of dollars.