Cryptos Just Mini Flash-Crashed

Shortly after 1015ET, the crypto space was suddenly hit by a wave of selling that slammed Bitcoin down over $200 almost instantaneously, only to rapidly recover…

Source: Bloomberg

The entire crypto space dumped’n’pumped…

Source: Bloomberg

There is no obvious headline catalyst but we do note that Intercontinental Exchange (ICE)’s Bakkt platform launched physically-delivered Bitcoin futures trading yesterday and could potentially have exaggerated the move.

Taking a wider view, Fundstrat analyst and well-known Bitcoin bull Tom Lee had tweeted on Sept. 20 that he was “very positive on Bakkt and its ability to improve trust with institutions to crypto.”