Back

Bakkt Bitcoin Futures Volume Looks to Set Another New Record

author avatar

Written by
Shilpa Lama

editor avatar

Edited by
Adam James

28 October 2019 11:08 UTC
Trusted

After breaking its previous all-time-high on Friday, Bakkt’s Bitcoin futures platform seems to be on its way to smash yet another record.

Of course, it’s too early to make a prediction at this juncture as interday trading has progressed only about five percent, as of the time of this writing. However, seeing that already 266 BTC futures contracts have been traded on the platform, it probably wouldn’t be far-fetched to imagine a new all-time-high later today.

Sponsored
Sponsored

https://twitter.com/BakktBot/status/1188721630136156167

Bakkt off to a Flying Start

Bakkt’s ongoing momentum started last week on Oct 23 — exactly a month after its official launch. As BeInCrypto reported, the platform started the day on a high note by facilitating 370 contracts one-third through the trading day.

Sponsored
Sponsored

The momentum slowed down significantly in the latter half and the tally at the end of the day stopped at 640 BTC — which was still exponentially higher when compared to the previous day’s figures at 85.

A couple of days later, Bakkt smashed out yet another stellar performance — relatively speaking — by facilitating 1,179 Bitcoin futures contracts on Friday. Even on that day, the tally somewhat dried up in the latter half as compared to the flying start earlier.

Bakkt

A Healthier BTC Means Higher Bakkt Volumes to Come

Bakkt’s stellar performance on Friday was attributed to Bitcoin’s revival from an overwhelming bearish trend that saw the asset plummeting to the low-$7,000s on Wednesday last week. On Friday, a day after Chinese President Xi Jinping’s Oct 24 speech endorsing blockchain, the asset entered a new bullish phase by climbing all the way up to $10k and beyond. It later settled in the $9,300 – 9,500 range and has maintained that status quo since.

On that note, earlier today, another key Chinese official urged commercial banks in the country to treat blockchain adoption on a priority basis. It remains to be seen if this latest endorsement of the technology within the Chinese establishment further adds to BTC’s momentum.

Sponsored
Sponsored

Bakkt Bitcoin

Institutional Interest Increasing

Meanwhile, institutional investment in Bitcoin and other cryptocurrencies is also consistently on the rise, as BeInCrypto had earlier reported.

With Fidelity Digital Assets now opening its doors to a broader range of investors, fresh capital inflow from institutions is likely to further increase in the foreseeable future.



Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.