Coinbase Ousts Bakkt as Webull's Crypto Trading Partner

Coinbase has secured an exclusive partnership with Webull, replacing Bakkt as its primary crypto trading infrastructure provider. This move will affect 25 million users worldwide and significantly impact Bakkt's platform revenues and business scale.

The transition is likely to create a short-term headwind for Bakkt, reducing its client base and transaction flow within the digital assets market. The company's stock price has already suffered, with a daily loss of 3.91% and trading at $7.38.

Techincal analysis suggests that BKKT/USD is oversold, trading below key moving averages and major resistance levels. A potential range-bound outlook is predicted, with prices expected to remain between $6.83 and $7.93 over the next few days.