Bitcoin News And Price Analysis: Intercontinental Exchange to Popularize Bitcoin. Sunday, August 5
Important Bitcoin News
Intercontinental Exchange Behind A New Exchange to Popularize Bitcoin
Intercontinental Exchange (ICE), the owners of the New York stock Exchange (NYSE) has announced the launch of a new subsidiary, Bakkt which will be tasked with holding and managing bitcoins for investors.
Bakkt will be hosted on a Microsoft cloud and will commence operation by helping investors convert their bitcoins to government-backed fiat such as dollar.
The company announced that the interest in Bitcoin stems from the fact that it is the most liquid digital asset in the coin market.
Bakkt represents a positive outlook for the coin market which traditionally responds to fortunes of Bitcoin. The market has had significant successes that have been marred by allegations of market manipulations, fraud and scams despite its potential promise, having been termed as having the ability to cause significant disruptions to the financial system.
The launch of Bakkt is one of those projects that lend credibility to the assertion that the coin market is increasingly becoming mainstream.
Bitcoin Market Nosedives Despite Positive News
Yesterday, August 4, 2022 Bitcoin price plunged shedding $500 in less than 7 hours. The effect was felt in the coin market as most altcoins lost substantial values. Coin 360 report shows that the top ten coins are presently trading in red as Bitcoin dipped below $7000.
Although as at the time of this report, the coin has made slight gains trading at $7000, it is obvious that the loss of today is comparable to values last seen since July 17. The premier coin had dropped to a low of $6,980 with analysts predicting that Bitcoin has found new support at $6,800, nevertheless the coin seems to be eying a high above $7000 before the end of the day and looking ahead for a support above $7,000.
BTC/USD Price Chart, Sunday August 5th:
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