Bakkt is far from a life-saving straw for the market, the market continues to fluctuate and organize
Last night, the Intercontinental Exchange (ICE) subsidiaryBakkt announced that the New York State Department of Financial Services (NYDFS) has approved the Bakkt Trust Company, the self-certification process has been recognized by the CFTC, user acceptance testing has begun, and physical settlement of Bitcoin futures contracts will be launched on September 23。
The reason why we have expectations for Bakkt is mainly based on two reasons: the initiator behind it isICE Intercontinental Exchange, the parent company of the New York Stock Exchange, is the second largest regulated exchange in the world and has an absolute right to speak in the traditional financial field。
In addition, Bakkt received US$180 million in its first round of financing at the beginning of 2019, with strong investors including Boston Consulting Group, Li Ka-shing’s Horizons Ventures, Microsoft’s (MSFT.US) venture capital division M12, Galaxy Digital, ICE, CMT Digital, Eagle Seven, and Naspers, the major shareholder of Tencent South Africa, etc. TheseInvestors have gathered the world's top investment resources and services, which can help Bakkt establish a complete trading ecosystem.
Therefore, every move of Bakkt can attract the attention of the entire digital currency industry. The current market itself is seriously short of funds. We urgently need funds from the traditional financial market and more investors to promote the improvement of the market.
The bitcoin physical delivery contract launched by Bakkt needs to purchase and store a certain amount of bitcoin in advance. many people thinkThis move will bring considerable demand to the secondary market, which will help improve the supply-demand relationship in the Bitcoin market and drive BTC up.
I think this is just wishful thinking. In the current digital currency futures market, Bitmex is delivered in USDT, and CME and CBOE futures are delivered in US dollars. However, exchanges such as OKEX and Huobi, which occupy a large share of the contract market, are themselves spot BTC. of. It can be said that BTC physical delivery and cash delivery have been in operation for a long time,The launch of Bakkt's Bitcoin physical delivery is only more compliant and regulatory, and the symbolic meaning is greater than its superficial meaning. How it performs after its launch is still up to the market.
Theoretically speaking, contract trading, whether it is physical delivery or cash delivery, will have a certain degree of impact on the spot market. The spot market can only make money by doing long, and the contract market can make money by doing long and short.. therefore,. therefore,The launch of the Bakkt Bitcoin physical delivery contract is the same as the CME and CBOE futures contracts, adding market trading channels and hedging tools, which is conducive to the expansion and improvement of the digital currency market share as a whole。
But blindly thinking that Bakkt will definitely bring about a bull market is an unrealistic fantasy.The operation of things has its own rules. The entry of traditional institutional investors into the currency circle is a systematic project and will not be accomplished overnight., Most of the funds attracted in the early stage are individual investors and a small number of institutional funds. These funds, like the stock funds in the currency circle, pursue high risks and high returns, soIt is certain that the short-term will bring huge volatility risks to the market。
The wolves have indeed come. For the original market participants, it is both an opportunity and a challenge.The entry of competitors will not only bring funds, but also make the originally balanced market game more uncontrollable and unpredictable. After the battlefield is upgraded, it will become more brutal and bloody,Operation suggestion:。
Operation suggestion:
BTC: Last night's boots (Bakkt physical delivery contract) finally landed, but the market did not launch a strong counterattack because of this. Bitcoin is still in a volatile consolidation situation,The battle between long and short sides around $10,000 continues. Under the influence of the news, the market’s long-term sentiment has picked up. The strength of the short-sellers has weakened after the early release, and the strength of the bulls has increased. Rebound, the first pressure level above is 10800-11000 US dollars.
On the whole, the recent market still has the possibility of repeated fluctuations up and down. Therefore, short-term operations use 10,000 US dollars as a reference point, and open a small amount of positions below it (a better point for opening positions is in the range of 9,000-9,600 US dollars). Lighten up. For medium and long-term operators, when the market fluctuations do not have a clear direction, they should wait and see.
ETH: On the whole, it is still in the small range of 178-190 US dollars, and the volume is weak. There is still no big market in the short term, follow the trend of the big pie. The upper pressure is $200.
LTC: 70-78 US dollars fluctuates slightly, the short-term trend is weak, and it is not recommended to operate the currency.
BCH: After the decline, it fluctuated around 300 US dollars, and the volume was not obvious. The follow-up pie can stop the decline and rebound. BCH has a probability of rebounding first, and short-term bargain hunting.
EOS: The short-term range is 3.5-3.7 US dollars, and it is not recommended to operate before breaking through the pressure of 4 US dollars. The short-term opening point is in the range of 3-3.4 US dollars.
XRP: Although the oversold is serious, the rebound is too weak, and it is the worst-performing mainstream currency this year. Before the short-term breaks through 0.3 US dollars, it is not recommended to deploy.
TRX: The rebound volume is weak, the short-term support is 0.016 US dollars, and the pressure is 0.02 US dollars. Although its founder started to come out to do business marketing again, after experiencing the impact of Buffett’s lunch cancellation incident before, he was not very willing to buy bottoms, and there were many lock-ups in the early stage, so it is not recommended to intervene in the short term.
Platform currency: The overall trend of BNB is consistent with that of the big pie. The daily level fluctuates widely in the range of 24-40 US dollars. Medium and long-term investors continue to hold it; HT continues to shrink and organize, focusing on the support around 4.8 US dollars, falling below 4 Pay attention to the stop loss of the US dollar; OKB shrinks and rebounds, pay attention to the support strength of 3 US dollars, and can open a small amount of positions on dips; GT continues the 0.8-1 US dollar range shock trend, and builds positions on dips.
Altcoins: The overall performance is not good, and the rebound strength is weak. In the short term, it still depends on the trend of Bitcoin. In the case of limited funds on the market, the probability of going independent is low. It is only recommended to pay attention to new currencies with high popularity, relatively concentrated chips, and good anti-fall performance. Don't think about it. In addition, if you have any currency you want to analyze, welcome to ask questions in the message area.
