The broadcast that the owners of the international trading platform – New York Stock Exchange (NYSE) – has collaborated with Starbucks, BCG, Microsoft, and other companies to launch the Bakkt company that will enhance the mainstream adoption of Bitcoin (BTC) and other digital currencies, has arrived at an appropriate time in the crypto space.
The news emanated during a period when the digital currency market is in need of a strong momentum to get over the present bearish trendline. Although the news arrived late on Friday, August 4, 2018, there is definitely hop in the industry.
The Hope That the Bakkt Company Brings
With Bakkt, there is hope that the pending ETF for bitcoin filed by the CBOE at the U.S Securities and Exchange Commission might be approved before this year runs out. This is because Bakkt will be fully functional by November this year, giving validity to BTC exchange-traded fund (ETF) as explained by Brian Kelly of CNBC.
Brian Kelly’s Comment
Brian Kelly said that this is indeed a great news for the crypto space. He believes that the crypto market is underappreciated and this could be the biggest news for the coin this year. He said this will open the door for a BTC exchange-traded fund.
The Bakkt firm offers a U.S regulated licensed warehouse and a regulated exchange where commodities will be stored. Kelly also went ahead to talk about how the firm will be pushed into the spotlight of BTC mainstream adoption since it’s part and parcel of the new Bakkt venture.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is trading at $6,950 after losing about 6 percent of its value over the past twenty-four hours. The market cap of Bitcoin is now $120.48 billion and its trading volume over the past twenty-four hours is $4.38 billion.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.