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BKKT Sheds Off 6.4% On Its First Day At Public Trading

Not a good day for BKKT at the International Exchange on its first day at public trade today as its value has dropped by 6.4% after it closed the day’s trade. Early morning on Oct 18,2021 BKKT launched its trade @ $9.45 on NYSE [New York Stock Exchange]. Early into its trade at 30minutes BKKT witnessed a rise of 3.3% taking its value to $9.77 dollars which seemed a good start for the newbie.

However, traders who closed in on their trades to take profits swung the prices from $9.5 down to a low at $8.84 and this was quickly proceeded by mid-day. As at the end of the day’s trade ended, BKKT was closing in at $8.76 after it had dropped 6.4% from the time it started to trade.

Recall that on Oct 15 Bakkt had gone public after signing a merger with SPAC [ Special Purpose Acquisition Company] Impact Acquisition Holding. Since its launch into the market as a cryptocurrency custodian in 2018, BAakkt had progressively launched a cryptocurrency asset payment app for retail purposes and a contract for institutional facing Bitcoin future.

Bakkt And Coinbase Odd Bearish Resemblance
Recall that in January 2015 that Intercontinental Exchange had joined forces as a top investor in the funding of Coinbase’s series C to the tune of $75 million. In resemblance to Baakts bad day trade, Coinbase had also experienced a bad performance on its first market day after it closed at a 13.8% drop from a start point of 381 dollars. Intercontinental exchange took the step to sell off their stake at Coinbase for 1.72 million dollars before the end of the first three months of 2021. Intercontinental Exchange will definitely have second thoughts about making Bakkt its first advent into cryptocurrency after this occurrence.

In lieu of this, it has been reported that Bakkt has recently taken brave steps. Earlier this month BKKT had announced its partnership with Google as a way to permit its app downloaders and users to carry out retail [buy and sell] payments digitally with the help of their devices through Google Pay.

Bakkt remains a trusted asset that permits its consumers to buy, sell, spend and store their digital assets safely and easily. Bakkt had also shown through a pie presentation that by 2025 its total market audience is projected to grow to an estimate of about $5.1 trillion dollars, crypto holding a $3 trillion of that amount.

Bakkt continually pushes through its vision to expand internationally. And having the advantage of gaining from other bitcoin financial products linked to it still has a good chance at seeing this vision becoming a reality.

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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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