The Bakkt launch that went live a few hours ago has not had the desired result. Analysts have been predicting that its launch would bring in traditional investors such as Wall Street and trigger an upward move.
In the first day, this has not been the case. With the launch failing, there is a new development that could potentially boost Bitcoin and see it Breakout, finally cementing its support above $10K. The launch of Binance.US. Its shortcomings could propel Bitcoin upwards, however, this comes at the cost of altcoins.
Binance exchange has announced that its American arm, Binance.US, will commence trading on Tuesday. Last week the exchange began registration and accepting deposits from the U.S. Residents will no longer be allowed to trade through the global platform as the exchange announced months ago.
This has come at a cost for investors. Due to the regulatory framework in the U.S, the exchange will not be able to offer as many trading options as it does in its main platform. For now, Binance U.S will only offer Bitcoin, Bitcoin Cash, XRP, Ethereum, Tether, Binance Coin, and Litecoin.
Regulatory Hurdles To Boost Bitcoin
The U.S is one of the largest crypto markets and Binance one of the biggest exchanges. The limit on trading options is expected to have an effect on market dominance and price movement. In the face of it, it could lead to Bitcoin and the few coins on offer gaining more dominance and their prices soaring, leaving the other lot of altcoins in the wind.
Hopefully, as the exchange has stated, more coins will soon be listed. This include, Stellar, 0x, BAT, and Ethereum Classic.
Notably, limited trading options is not the only regulatory problem facing Binance US. The launch will be restricted in several states including New York. The other 12 states include Florida, Texas, Louisiana, Hawaii, Idaho, North Carolina, Connecticut, Alaska, and others.
Bitcoin Price Update And Prediction
Bitcoin at the time of press is trading below $10K, a support that has continually been breached by the bears in the last few months. The Bakkt launch was a potential catalyst that should have seen prices breakout. With Bakkt failing, the bulls now set their eyes on the Binance US launch that should see a change in trends and prices for the digital asset.