The bitcoin price today is $10,488.60. With that, let’s take a look at what is happening in the world of bitcoin this past week.
We’ve seen several significant announcements within the bitcoin sphere this past week.
The first few announcements are more direct. They revolve around regulated cryptocurrency institutions such as Bakkt and Coinbase. Then, we’ve got macroeconomic concerns in Argentina, Venezuela, the ongoing US-China trade war, and possible signs of a recession in the United Kingdom, Germany, and the United States.
So, let’s start with Bakkt and then Coinbase.
Bitcoin Price Today and Bakkt
The Bakkt saga is one that has been going on for a while. The company announced (to much fanfare) that they would launch bitcoin futures. Industry experts are bullish on Bakkt because of its affiliations (employees from Coinbase, is a subsidiary of the Intercontinental Exchange), its aim to adhere to transparency, and core functionalities.
This specific exchange delivers core functionalities such as custody, physical delivery futures, and advocacy of digital assets as payments.
Enthusiast also lauds Bakkt for its alignment with regulations.
The team at Bakkt aimed to provide compelling solutions in a growing industry and found challenges. Bakkt was supposed to launch a bit earlier but couldn’t due to regulatory and other factors. The exchange just recently announced it was “cleared to launch.”
Whether this is a good thing or a bad thing in the short term is up to the reader.
There is a belief, the launch of a futures exchange such as Bakkt may not be grand in the short term.
Experts expect Wall Street traders to jump into the cryptocurrency market, bring more liquidity but bring the (negative) noise. This specific aspect of negative sentiment may push the bitcoin price down in the short term.
But thankfully, there’s a flip side.
Traditional institutions like Intercontinental Exchange (ICE) moving into the market further legitimize the market around bitcoin and other digital assets.
As such, they are likely helping institutions to feel safe, secure, and comfortable around digital assets such as bitcoin.
Bakkt might be a short-term bitcoin price curse (pushing prices and yields lower) but a long-term bitcoin price blessing.
When will the Bakkt physically-settled bitcoin futures launch?
By September 23, 2019.
The Bitcoin Price today and the Coinbase XAPO Acquisition
Coinbase is now the largest custody solutions provider in the world. The San Francisco based exchange recently purchased the institutional custody solutions provider XAPO. This acquisition helps to cement Coinbase as long term contender in this emerging market. But there’s one problem.
Does this make Coinbase a centralized party in a decentralized world? If so, what does this mean for the future of bitcoin?
How does it affect the fundamental value of decentralization if one centralized party gobbles up a large percentage of bitcoin holdings?
The Bitcoin Price Today and Macro-Economic Events
Troubling economic and political situations point to the rise of safe-haven assets. The narrative is that the market movements in the United States and the global economy are still relatively healthy.
Yet investors are scared.
They’re alarmed by recession indicators. Investors also watch (with bated breath) developments in the US-China trade war, the slowdowns in Germany, the inversions in the U.K., the U.S, and yuge debt issues in countries like Italy. Additionally, MMT policies in Argentina and the fight for rights in Hong Kong.
Amidst this strife. Where are investors going?