Cryptocurrencies Continue to Retrace the Rally as Bakkt Goes Live

October 2, 2019, by Interstein N.
Bitcoin and the altcoin markets have seen a further pullback from the strong advance earlier in the year. The much-anticipated launch of the Bakkt exchange brings hope of institutional investment.
bakkt

Bitcoin Breaches 50% Level but Still Dominates

Bitcoin has led the cryptocurrency market lower as it failed to hold the $10,000 level despite the launch of the Bakkt exchange last Monday. The move lower has seen BTC retracing around 50% of 2019’s rally after price rallied from $4,000 to highs near $14,000.

Bakkt is a new offering from the owners of the New York Stock Exchange (NYSE) that aims to bring professional grade storage and security to the cryptocurrency markets. This is a welcome move as many big players have been shut out of crypto markets due to regulations and fears over the security of some exchanges. Although there was no immediate demand, there is still the potential for big volume moves further down the road and if Bitcoin was to see another buying frenzy, the move would be extended by the big money now sitting on the side lines.

Bitcoin ends the month near the $8,000 level and Litecoin trades at $55 but with some altcoins seeing heavier losses BTC still dominates the market with 67% of the overall market value.

Apple Confirm That They Are Watching Cryptocurrency

Tech giant Apple are watching developments in the cryptocurrency and blockchain world. The Silicon Valley company with over a billion active iPhone users worldwide has been slower than other tech firms to react and competitors such as Samsung have made strides towards crypto wallets on their phones.

The Vice President of Apple Pay told CNN that the company are, “watching cryptocurrency,” and added, “We think it’s interesting. We think it has interesting long-term potential.”

With more consumers using their mobile phones for online transactions, the arrival of a cryptocurrency wallet on the most popular devices could be a key step towards mass adoption of crypto as a payment method.

Summary

Bitcoin continues to correct from the strong gains in 2019 but still dominates the cryptocurrency market.The selling in BTC has dragged the altcoin market lower and prices are depressed across the board. Despite the gloom of the last few weeks, the market is still technically sound and the arrival of big money investors through the Bakkt exchange could help to fuel the next rally once the market has found a base. Positive comments from mobile phone giant Apple gives hope to an iPhone wallet that could bring a wider audience to crypto payments.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.

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