Around $6 billion has been poured into the crypto markets during the last hours as the bears have returned again. Coincidentally, this has happened again, shortly after Bakkat launched more institutional investment products for Bitcoin.
Bitcoin Barrels Towards $7k
The BTC charts looked positive during the last operations yesterday, but the Asian session changed all that. According to Tradingview.com, a brief increase above $7,600 followed by a sharp drop to $7,270. Bitcoin is currently trading in the $7,350 range, but analysts are developing rapidly.
Wicks Up a stress test that was too strong to overcome and BTC currently fighting to the point of control according to analyst Josh Reger.
He said the asset can still be a zone of accumulation. Yesterday’s brief survey on CT resulted in much greater market sentiment by 2,000 respondents, although 53% faster.
In 2018, the fund consolidated for approximately four months to approximately $4k in a painful cold and cryptographic winter. If this is really the new flat, BTC can stay on this channel until February of next year when FOMO revives.
No Bakkt Favor
Coincidentally, this last fall comes just after Bakkat launched institutional investment products. The last time this happened at the end of September when crypto markets threw $10 billion after the launch of their BTC futures contracts.
Today markets have fallen more than 21% from those levels, likely to fall by $200 billion as bears get stronger. There is much negativity of the crypto community towards Bakkat after the launch of monthly BTC options and cash futures incorporated in Singapore.
Many feel that these products are providing more tools for institutions to suppress the price of digital assets. Cash settled futures do nothing for Bitcoin, as it is settled again in the markets immediately after the expiration of the contract.
According to the official Bakat channel, ICE Futures Singapore began the day by negotiating well with more than a thousand contracts settled in cash.
Elsewhere on Crypto Markets
As usual, the altcoins have followed their older brother again in an exhausting predictable pattern. There r no people left in the $6 billion garbage market, but some suffer more than others.
Ethereum again suffered a 2% loss to fall below $150, while XRP and BCH did the same. After an impressive weekend, Tezos is working hard today with a 6.5% drop and the Cosmos is not far away.
Today’s altcoin suicide, however, is MATIC, which has been forgotten 70% an hour or so ago.