2019 has been a remarkable year for Bitcoin and Litecoin after the disappointment of 2018. For the first six months of the year, the biggest cryptocurrency in the world went on a remarkable rally, and although it has lost its momentum since then, it is still up by a hefty percentage.
This week was an important one in the crypto space as the highly anticipated Bakkt platform finally went live. There was a lot of speculation about the effect of the platform on the price of Bitcoin and on the wider crypto market. However, it did not have the effect that Bitcoin bulls might have expected.
Bakkt Platform Fails to Boost Confidence
While many expected the price of Bitcoin to improve following the launch of the Bakkt platform, the token actually lost as much as 3% once it went live. It goes without saying that this is something that the market had no expected.
The platform offers Bitcoin futures contracts that can be settled physically and following the drop in Bitcoin, it has created a major dent in the crypto market. According to reports, as much as $8 billion has been wiped away from the wider crypto market. It is a setback for the market and one from which it will need some time to recover.
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On related news, the crypto market has also been affected by the nosedive in the value of Litecoin, which is the world’s fifth-largest cryptocurrency by market cap. Since June, the coin has lost as much as 50% of its value, and today, it fell by as much as 12% in a few minutes. ‘The reason behind this remarkable fall is not year clear, but it needs to be remembered that back in August, the halving took place in Litecoin, and that could be one of the factors. However, it is important to note that when the halving event actually took place, it did not have a big effect on the price.
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