Current data from CME and other Bitcoin price monitoring bodies have shown a bullish activity among institutional investors which may help Bitcoin price to hit $13,000 in June-July
The CME Group board of directors nominee has suggested that venturing into Bitcoin mining will help to create additional revenue streams for the shareholders.
Bakkt closed a $300 million Series B fundraising round. The round was led by Microsoft’s M12, Pantera Capital. PayU and other prominent companies.
According to the statistical data from the CME Bitcoin futures market, BTC may continue rising despite the current pullback.
The CFTC chairman is optimistic that Ethereum (ETH) futures contracts could be coming soon within next six to twelve months i.e. in 2020.
Bakkt’s entry into the crypto space remains disappointing so far in the first week of its Bitcoin Futures launch. Bakkt’s performance has also resulted in the Bitcoin price crash last week, according to some experts.
Arcane Research has found a systematic pattern of shorting just before the CME Bitcoin Futures settlement every month, since January 2018. Thus, the speculations of manipulation are being weighed-in.
Reports show some evidence, though not conclusive, that institutional investors may have played a role in the recent Bitcoin price drop with many expecting it to test the $7,500 support before recovering.
Bitcoin sees a massive 15% price drop in a flash crash on Tuesday, as the world’s largest cryptocurrency slips below $8500. Analysts point at the waning institutional interest and slow launch of Bakkt.
Bakkt Bitcoin Futures traded 73 contracts on the first day while getting a lukewarm response from the market. Experts said that Bakkt futures would see an incremental demand going ahead.