Everyone blames Bakkt, but this is another bear day on the cryptocurrency market

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Bitcoin today takes markets back to bear territory, but some are beginning to blame Bakkt for failing. In fact, this is just another day of cryptocurrency, as the ebbs and flows of digital assets continue.

Bitcoin glides on

It was just another day in the bitcoin markets as the asset fell 3% in one day. There is nothing unusual there, although some point the finger at Bakkt and his extremely disappointing launch .

The fall returned to support, which again supported Bitcoin, to recover to its current levels on $9679.40 -0.19%.

However, some are still optimistic: Crypto Hamster traders and analysts note that indicators are now oversold.

Every time we had a bullish crossover on the Stochastic RSI in the oversold zone, after that we saw an increase in the price of Bitcoin.

After dropping to the midpoint of $ 9, Bitcoin usually recovered, yes. However, the large descending triangle is not yet fully played out, so further breakout to the downside could occur when it finally occurs.

Even with the decline, BTC's dominance has dropped by over 70%, which means more pain for altcoins. In the last 24 hours, the total market capitalization fell to $ 255 billion and most altcoins are in the red.

Ethereum is looking very shaky, heading back to $ 200, while Bitcoin Cash has dipped below $ 300. Litecoin also fell hard, which fell 7% on the fall to $ 67. Only Tezos is in the green as it benefits from trading pairs on Binance.

Blaming Bakkt?

It was observed that the initial interest in Bact was extremely low. With only 73 BTC invested on the first day of trading on the monthly contract, this was not the start everyone expected.

Economist Alex Krueger compared Bakkt Bitcoin futures to the first day of trading on CME.

The difference lies in the physical settlement in BTC, as opposed to fiat. CME is also a very well established trading platform while Bakkt is a brand new product. The likelihood is that volume will be slow rather than massive initial inflows, and the opportunity to hold bitcoin is now open for institutional investors.

The first day of Bakkt had no real impact on cryptocurrencies, which dumped several billion dollars like they did a thousand times before. When everything is ready, things are back to normal again, this is just another day in the crypto space, don't worry.

Did Bakct make Bitcoin fall? Add your comments below!

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