Bitcoin and Cryptocurrency watchers were on full alert as Bakkt Crypto went live. Since the launch of the Bakkt crypto platform which has started trading its physical Bitcoin futures contract, some 8 billion dollars has been wiped out of the Cryptocurrency market. On the other hand, the other Cryptocurrency which is fifth in terms of market value has been suddenly losing a foothold in terms of price. According to Cryptocurrency watchers, the price of the fifth-largest Cryptocurrency is in free fall.
Image Source: bitcoinist.com
The reason for Litecoin sudden sell-off was not immediately clear, however, Litecoin is down some 50% since June, thought to be a response to the gains Litecoin made earlier in the year. Litecoin which is called the Bitcoin alternative has seen a rise in prices in the first half of the year 2019. The price in Litecoin rose in the first half of the year 2019 as traders bet an August so-called halving of the Cryptocurrency.
Image Source: medium.com
The Bakkt Crypto Bakkt, an Intercontinental Exchange-backed Litcoin and crypto platform, was unveiled last year and boasted computing giant Microsoft and coffee chain Starbucks among its partners–promising to open up Bitcoin to institutional investors and bring crypto spending to the high street. As trading on the Bakkt platform started the price of the physical Bitcoin future increased by a significant bit. The traders and investors were not able to sell more Bitcoin than they actually have been muted, however. After the launch of the Bakkt Cryptocurrency exchange, there were just give Bitcoin futures contracts which were traded in the first hour and then the number of futures contracts rose to twenty-eight just after ten hours into the introduction. Traders and Bitcoin industry executives were quick to play down Bakkt‘s slow start.
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