Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.
Despite a slightly disappointing start, Bakkt is gaining momentum and sets new records one by one. Twitter’s BakktBot blows minds with numbers.
When Bakkt launched its service of Bitcoin trading for large institutional capitals, they attracted 12 BTC in the first day of trading. These Bitcoins were entering the Bakkt Warehouse like 12 Apostles entering the Temple. Then, biblically, despite cryptocurrency’s most hateful critics who kept spreading disbelief, many more bitcoins followed the first 12 ones.
Right after the launch, the so-called “weak hands” shaken off a ton of coins, making the market participants fill in their panties. Bitcoin had lost 2k overnight, and this meant that many people thought that the Bakkt launch would drive the price to the moon, and the master-plan failed. A ton of relevant news was here for quite a long time. People understood that institutional capital is not interested in cryptocurrencies, but the prices kept resurrecting from the bottoms.
Bakkt Gains Traction Fast
Their bot is probably counting plus one thousand bitcoins in today’s volume while this news piece is under construction. From day to day, they only set substantial records. Look at the latest tweets by their bot to see how fast the trading is gaining weight. And keep in mind that the bot is giving a pretty fantastic prediction regarding the end of the day’s volume.
Daily summary of Wednesday's Bakkt Bitcoin Monthly Futures:
📈 Traded contracts: 5671 ($42.52 million, +148%) (New ATH 🚀)
🚀 All time high: 5671 (11/27/2019)
💰 Open interest: $4.16 million (+6%)
— Bakkt Volume Bot (@BakktBot) November 28, 2019
Now, the overall sentiment around Bakkt’s inception will change. If they follow the current trend, Bakkt will soon concentrate around itself a large portion of clean capital. Considering the Vault where they store Bitcoins cannot be 100% safe, it will become a honey pot for different hackers, military gigs, and pentesters looking for an opportunity to improve their CV.
If you are one of them, consider writing at the Bakkt e-mail and ask them about the Vault. We have some viable information about the company which may be interesting to you. Bakkt is in New York, yet nobody knows where their legendary Vault is. By the way, when we speak of the places where wealthy investors store their coins, what to imagine? The Bakkt Vault is something that is a perfect example of such a place.
They have iron doors, bulletproof windows, cameras, armed guards with Batman as the security chief (not confirmed), and all that. The building is ultra-secure, and multiple people across the planet need to co-sign a transaction before it can leave the building. Then, someone must broadcast it to Bitcoin’s network. Ever wondered who’s that people transacting huge stacks in bitcoin in the Whale Alert Telegram bot? Sometimes its Huobi, Bitfinex, or Tether are raising the alarms. But unsigned transactions could be the Bakkt whales moving in and out the institutional market.