After the launch of Bitcoin Futures contracts on the Bakkt platform, many market participants were disappointed. In the first days after the launch, volumes were relatively low. As it turned out in recent days, a little more patience was needed, because the market has definitely become active. On Friday, October 25, a new record was set for trading in contracts, and this result may be improved soon.
∙ Today’s volume so far: 376 BTC
∙ Last traded price: $9,487.50
∙ Trading day progress: 39%
∙ If this continues, 100% would equal to: 965 BTC— Bakkt Volume Bot (@BakktBot) October 28, 2019
We had to wait a month after the official launch for a significant increase in volume on the Bitcoin Futures market – to be exact, until October 23. The platform started the day in high gear, reaching a volume of 640 BTC. The increase was very significant, because the day before it was only 85 BTC. A few days later, Bakkt improved this result again. On Friday, there were already 1,179 bitcoin futures contracts.
Bitcoin’s good streak translates into increased volumes on Bakkt
Bakkt’s strong performance on Friday was attributed to Bitcoin’s resurgence from a long-term downtrend that saw BTC fall below $7,500, its lowest level since mid-May. On Friday, a day after Chinese President Xi Jinping spoke positively about blockchain, the market responded positively, pushing Bitcoin’s price up by more than 40% in a single day. BTC’s price topped $10,000 before settling between $9,300 and $9,500. In relation to this event, another key Chinese official urged banks in the country to prioritize blockchain adoption. This could be the trigger that triggers a wave of positive events that will kick-start a bull market return.
Bakkt supports Bitcoin
The growing interest in Bitcoin from institutions may contribute to the improvement of the situation of not only the largest cryptocurrency, but also the altcoin market. With Fidelity Digital Assets now opening its doors to a wider group of investors, the inflow of fresh capital from institutions is likely to continue. Thanks to a series of positive events, BTC may soon return to its ATH level.
