The exchange rate of bitcoin: is there hope for growth?

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In the morning of Wednesday cryptocurrency market is in the red zone. The exchange rate of bitcoin fell -1,83% in the last 24 hours, and is trading at $6466 per coin. Ethereum fell by -4.8% to $218. Ripple felt a pressure on the whole of 7.53% per day, reaching a low of $0,5188. Bitcoin Cash fell by -5,36% and the token EOS – -2,66%.
But the price of bitcoin continues to trade in the triangle, about which we wrote in the review on Monday, continuing to test its limits, at the moment the price at the support line. But the range of motion is declining, but because the growth potential is very limited and is about 4% – to level $6641 per coin.
In the event of a breakdown and the release rate beyond the boundaries of the triangle, nearest reduce will be the level of $5800 per coin, in the case of growth – $7300 per coin. While in the absence of significant news triggers the market is a low volatility, but the prospects for growth in the medium time ranges remain in force.
Although institutional investors are not yet officially can come to this market, since the tool of the bitcoin ETF is under consideration by the SEC, however, there are other options.
We are talking about the launch of the project Bakkt, the development of which will the operator of the global services exchange and data transfer services Intercontinental Exchange (ICE) giant, which owns 23 exchanges, including the largest in the world the new York stock exchange. Bakkt will be launched with Starbucks and Microsoft. The launch will supposedly take place next month – November 2018.
What is Bakkt is and why it is important you run?
Bakkt will be fully regulated by the exchange (respectively, solved the most sensitive issue of the sector in 2018 – regulation) with real Bitcoin owned by the pension funds (one of the largest investors), mutual funds, ETFs and other institutional investors.
With Bakkt cryptocurrency market would work similarly to the current forex currency market. Bitcoins will be sold in one day futures contract. The broker or dealer just places an order for his client, and by the end of trading day clearing house ICE send cash or BTC to the specified wallet (fiaty or cryptocurrency).
One of the most important benefits of the project will be something that will work as a Lightning Network, will create a system outside the network, the so-called “offscan”, and all transactions occurring within its own repository Bakkt will not be placed on the blockchain. The only time a transaction enters the blockchain, is when it comes to storage or removed from it.
Thanks to this decision and the potentially high liquidity of investors of Wall Street, Bakkt will be most convenient for global companies, allowing them to bypass brokers and banks, as well as to avoid various third-party commissions.
Do Bakkt weaknesses? Of course.
First, the project is highly-centralized platform contrary to the very idea of “freedom from control” Bitcoina. As a consequence, it causes some scepticism in the market. In the long term it will be necessary to find another solution.
In addition, the first step Bakkt ICE, should be the release day non-digital futures for bitcoin, but it will only take place subject to the review and approval of this opportunity by the Commission on trade commodity futures (CFTC), which will have to wait.
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Olga Prokhorova,
Expert
“International financial center”