Bakkt Hits Whopping $740 Million Valuation: Bitcoin, Ethereum, XRP Price Analysis

In a new sign of institutional optimism in the future of Bitcoin and cryptocurrency, the crypto platform Bakkt is now valued at $740 million following a successful Series A funding round, reports The Block.

Bakkt, which is owned by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, raised $182.5 million last year, and may have sold as much as a quarter of its shares to investors to reach the new valuation.

The company plans to launch physically-backed Bitcoin futures later this year, pending regulatory approval. It also has partnered with Starbucks and Microsoft to bring crypto payments to retail stores. A source close to the project says Bakkt needs to execute a flawless game plan to meet expectations.

“From a cash-flow perspective, Bakkt will not be earning much based on their proposed contract fees, so they really need a lot of volume. A lot of things will need to line up for investors to receive returns that they would typically expect for a Series A.”

Bitcoin’s quest to remain above $4,000 continues. Right now, BTC is up 0.16% at $3,977. Ethereum is up 1.14% at $136, and XRP is up 0.3% at $0.3099.

Source: Coin360

Overall, technical analysts are cautiously optimistic on Bitcoin in the short term, but less rosy on Ethereum and XRP.


CoinDeskBitcoin price drops but bull outlook still intact

Blockonomi BTC needs a catalyst to break above $4,000 and sustain growth

BitcoinistBitcoin breakthrough means $5,000 now in the cards


Blockonomi Price consolidating losses and trading above the trend line

Bitcoinist ETH loses the daily uptrend

NewsBTC Stop hunting pushes ETH into bearish zone


BitcoinerX XRP/USD bears take the upper hand

NewsBTC XRP flirts with key resistance amid sell-off

Blockonomi Ripple price struggling to hold a crucial triangle support at $0.3130

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