Bitcoin [BTC] recorded a flash drop yesterday of over $500 (about 4.75%) in less than an hour. Before that, Bitcoin had gained about $300 on the daily scale. A good volume even accentuated the bullish momentum. However, towards the end of the day, it dropped vertically.
The price of BTC at 4: 30 hours UTC on 7th September 2019 is $10,340. It is trading 2.9% lower on a daily scale.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
Since 30th August, Bitcoin [BTC] recorded five consecutive bullish days; the rise was attributed to its use as a safe haven. Moreover, one of the most robust catalyst during the time was the ‘Bakkt Launch.’ The much-anticipated bitcoin settled futures contracts backed by the NYSE is scheduled for launch on 23rd September.
Yesterday, it initiated the Bakkt Warehouse – the custody arrangement for Bitcoin. According to their update on Twitter,
Bakkt Warehouse custody is live.
Now accepting customer bitcoin deposits and withdrawals. Only 17 days until the Bakkt Daily and Monthly Futures contracts launch on Sep 23.
Bakkt is a Speculative Vehicle
While Bakkt brings a lot of innovation to the table, it is still purely a trading platform. The custody arrangement and Bitcoin settled contracts are upping the game for Bitcoin.