Dollar rate to Bitcoin: why the price has become lower

Despite the fabulous forecasts from analysts, in mid-September the price of Bitcoin fell below the figure of 10,000 USD. If you analyze Bitcoin from September to August, the price is traded in the range of 9,500 USD to 11,000 USD, at the moment the price for Bitcoin is trading within 9 743 USD, however, in the last 5 days the price goes down. Unfortunately, the launch of the Bakkt platform did not affect the rate hike, the market is on the decline.

 

ICE (New York Stock Exchange) recorded a surprisingly low contracting rate for Bakkt. A total of 72 monthly contracts and 2 day contracts were signed, the sum for one contract was 1 Bitcoin. This indicates that investors consider investing in Bitcoin irrational and are waiting for a depreciation of the rate.

 

Well-known trader Anatoly Radchenko said - "there is a conspiracy theory that institutional investors, who operate large volumes in the regulated market of bitcoin futures, artificially understate the price. In November and December last year, CME had a spike in open positions when the price of Bitcoin fell below $4000. Accordingly, the launch of Bakkt will lead to a new wave of declines of several months before contract holders begin to close contracts."

 

And if Radchenko believes that the launch of Bakkt is a unique phenomenon and the market will soon feel it, then Dmitry Alexandrov (managing director of Ivolga Capital) holds a very different opinion.

 

Alexandrov says- "I believe that the cryptocurrency has already passed its highs and will not be able to return to them. Bitcoin is not a means of accumulation, it is still a means of calculation. While Bitcoin was a pioneer, it was the only way to meet the market demand for the currency of such a plan. Now every day there are new cryptocurrencies, which at least do not differ in nature from BTC, and as much as possible exceed it in their technical characteristics (such as the speed of confirmation of transactions)."