Is Bakkt Going To Save Bitcoin & Crypto Markets? BTC, ETH, BCH, LTC & Cryptocurrency News!

bit coin and crypto markets continue to move sideways for now a very little volatility combined with a price range that we've been stuck in for nearly two months now has definitely led to some boring market movement for a lot of traders and investors but that being said we keep seeing bullish news coming out left and right adoption and awareness continues to grow in every area from individuals to small businesses to perhaps most noticeably large financial institutions and organizations for example fidelity recently launched a platform dedicated to crypto currencies to help big investors safely and securely invest large sums of money into assets like Bitcoin probably even more hyped than the fidelity news is the upcoming launch of backed however and that's what I want to do a deep dive into in today's video so welcome back to the channel everyone phil here from crypto authority be sure to hit that subscribe button for daily crypto videos and click that little bell right next to it so you never miss out on the latest crypto news and analysis so let's get right into it now before I get to that back stuff let me quickly cover our movement on the charts and coin market cap so you'll see that bitcoin is in a similar spot as it was yesterday it's ever so slightly down the alts meanwhile are a mixed bag as you can see from me scrolling through this list today as always the rest of the cryptocurrency market is sitting around waiting for a bit going to make some big moves here and until that happens barring a particular coin from getting any huge news it's probably going to be really low volatility like we're currently seeing so with that said let's talk about backed so first what on earth is backed well backed is a new company launching a whole suite of cryptocurrency products and services that also happens to be partnering with some very reputable and well-known companies such as Microsoft Starbucks and Boston Consulting Group among many others so what are these products and services well again it's diverse but it's going to range from trading and investing and secure storage of cryptocurrencies and things of that nature and some of you might be thinking oh great so essentially another crypto exchange wonderful but there is a key difference here this company is owned by a large company called ice or IntercontinentalExchange also known as the parent club the New York Stock Exchange so the key difference is that this is a company that is better poised to bring in institutional investors and money into cryptocurrencies like we've never seen before partly because this is a company with the backing of IntercontinentalExchange partly because this is going to be a federally regulated crypto trading platform unlike every other Exchange in the United States like for example coinbase or Gemini so believe it or not those exchanges are fully regulated under individual States laws so being federally regulated is something that could instill further confidence in institutional investors so that is one key differentiator right there now moving on to their products one of the main products on offer from backed is something called physically backed futures so this is a novelty in the crypto space actually yes Bitcoin futures have existed for a while now but what backed is offering here is quite different in some ways the major point that backed seems to be focusing on in their press releases is that these physically backed futures will not be susceptible to rampant price manipulation that many argue the crypto markets have seen in the past and today manipulation which possibly led to the Bitcoin ETFs being denied so again the main takeaway here is that backed is providing a safe and regulated ecosystem for crypto investing unlike anything we've seen thus far so obviously this has a better chance of attracting big institutional money unlike anything we've seen before but it doesn't stop there backed also eventually wants to offer services for other businesses and individual retail investors as well an example of this comes from Starbucks as partnership with backed so a vice president for Starbucks is partnerships in payments Department said that the two companies will be working together to offer ways to quote convert their digital assets into u.s. dollars for use at Starbucks so again the main takeaway here is bringing widespread adoption and usage to big institutional players huge companies and everyday casual investors and users and by the way one interesting thing about that Starbucks partnership believe it or not at least from what I've read online about this is that Starbucks is actually the biggest mobile payment service or app in the United States it's actually big than Apple pay and things of that nature so I just thought that was worth pointing out now if all that said hopefully it's starting to make sense why everyone has been talking about back lately so when is back officially launching when are some of these promised products going to be coming well we just got our first news of that today actually according to tons of articles breaking online backs physically back features are going to be launching on December 12th so not too far from now we're about a month and a half away from the launch of this first product so there's no doubt in my mind that increased awareness and adoption is coming for Bitcoin and crypto currencies the only question is to what degree is this going to help is this going to open the floodgates for big institutions well perhaps not right away but I don't see any way that this doesn't improve the fundamentals for crypto currencies eventually so is that gonna break Bitcoin crypto markets out of this bear market well I have to say I certainly don't think it's going to hurt the case for that if anything could cause some sort of bullish optimism in terms of market sentiment I think it would be the launch of a platform like this again this is more in the short term that I'm referring to a long term there's no doubt in my mind that cryptocurrencies are going to see massive explosion in terms of the overall market cap the technology the fundamentals the awareness and the adoption are improving in literally every direction that I look so I do think back has the potential to be a tipping point here so what do you all think is the launch of Beck's going to kick off a new bull run or some type of big rally or is it gonna be an underwhelming overhyped service let me know in the comments down below I'd love to hear your thoughts on this one so that is it for this video guys if you enjoyed this one please consider subscribing I do crypto videos like this daily and your support really helps small channels like this one grow I also highly recommend joining our free Facebook group it's for crypto enthusiasts just like yourself also if you want to learn the crypto strategy that passively turned 5,000 dollars into 83,000 dollars check out my passive crypto investing case study it's completely free you can find the links to both the free group and the free case study in the description down below lastly guys this goes that saying but I'm not a financial advisor this is not professional investment advice telling you to buy or sell anything this is just me covering some stuff in the crypto space that I find it thing always do your own research before spending or investing any of your own money if all that said thanks for watching and I'll see you next time

5 thoughts on “Is Bakkt Going To Save Bitcoin & Crypto Markets? BTC, ETH, BCH, LTC & Cryptocurrency News!”

  1. For institutional investors..bakkt = physically backed futures = higher risk than cash settled futures. This would mean the price of bitcoin must remain low to encourage participation.

  2. Do you think Bakkt is going to trigger some big moves in Bitcoin and crypto markets?

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