Tuesday, May 11, 2021

Trading Volume on Bakkt increases with surge in BTC price

The Takeaway:

After a flop launch of the Bakkt's Future Trades exchange, the exchange is slowly gaining popularity as they continue with the trading. ICE-backed Bitcoin Futures Exchange, Bakkt is doing well as it traded 224 BTC($1.9 million in a day). It is not close to CME Group's record, but it looks like slowly things are catching up.

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The ICE-backed Bitcoin futures exchange platform, Bakkt, is slowly making its place in the market as the trade witnesses a steady gain in the charts. Recently, Bakkt traded 224 BTC, which valued at around $1.9 million according to current prices in a day.

There is a massive difference in Chicago-based CME Group’s trade record and Bakkt’s trade volumes, but they have been steadily increasing. This indicates that the demand for the product is gradually increasing.

Bakkt’s launch was so hyped all over the internet, but people were highly disappointed when it was launched and recorded underwhelming trading numbers. This flop launch made people call out the launch and project failure in the early stages. The BTC price suffered a considerable loss when the product was launched.

For 9th October, Bakkt traded the last Bitcoin futures at $8,582, as the price of Bitcoin noticed an upward movement with the price at $8,596.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Paul Rea
Paul Rea
Paul is a graduate from the Queensland University of Technology and has a demonstrated history of working in the computer and network security industry. Apart from being a dedicated author, Paul also has an interest in graphic designing.

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