Bakkt Sees 257 Percent Surge in BTC Futures' Demand in 24 Hours
- 1183 Bitcoin contracts were sold by the platform on a single day.
Though Bakkt made a debut on the crypto market on a back foot, the company is now seeing a massive demand for its Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term futures.
The platform recorded a trading volume of $10.3 million on October 25, after executing orders for 1183 physically-settled Bitcoin contracts.
The jump was massive as on the previous day, it only registered a trading volume of $2.5 million, meaning a surge of 257 percent in demand in a day.
ICYMI: Friday's Bakkt Bitcoin Monthly Futures:
? Traded contracts: 1183 (+257%) (New ATH ?) ? Day before: 331 ? All time high: 1183 *bleep blop* tip sats: https://t.co/TF6sNUwWpO ? pic.twitter.com/xor4Q0fNxc — Bakkt Volume Bot (@BakktBot) October 26, 2019
The Intercontinental Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (ICE)-subsidiary introduced Bitcoin futures in the United States’ market last month after a tussle with the regulator for approval. Being physically-settled, this is mitigated the settlement risks of cash-settled contracts offered by CME Group in the same market.
However, the start for the company was a bit dim, as in the first 24 hours of the launch, only 71 contracts were traded on the platform.
The pattern
Though the daily trading of Bakkt’s contracts was below $1 million for most of the days, the volume spiked on October 23 amid the sudden drop of Bitcoin’s value to below $7,500.
The trend on the spot market, however, reversed with the unaccepted speech of Chinese President Xi Jinping on Friday, howling for re-embracing digital currencies. This created a stir among the speculative traders and resulted in a massive surge in the cryptocurrency market.
Traders are also betting big on the futures market with the chances of Bitcoin adoption by China, which is clearly reflecting on the Bakkt’s trading volume.
Meanwhile, Bakkt is also set to introduce options contracts for Bitcoin futures in December to compete with similar prospective by its market competitor CME Group. However, unlike futures contracts, the company will provide options for both cash and physical settlement for its upcoming contracts.
Though Bakkt made a debut on the crypto market on a back foot, the company is now seeing a massive demand for its Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term futures.
The platform recorded a trading volume of $10.3 million on October 25, after executing orders for 1183 physically-settled Bitcoin contracts.
The jump was massive as on the previous day, it only registered a trading volume of $2.5 million, meaning a surge of 257 percent in demand in a day.
ICYMI: Friday's Bakkt Bitcoin Monthly Futures:
? Traded contracts: 1183 (+257%) (New ATH ?) ? Day before: 331 ? All time high: 1183 *bleep blop* tip sats: https://t.co/TF6sNUwWpO ? pic.twitter.com/xor4Q0fNxc — Bakkt Volume Bot (@BakktBot) October 26, 2019
The Intercontinental Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (ICE)-subsidiary introduced Bitcoin futures in the United States’ market last month after a tussle with the regulator for approval. Being physically-settled, this is mitigated the settlement risks of cash-settled contracts offered by CME Group in the same market.
However, the start for the company was a bit dim, as in the first 24 hours of the launch, only 71 contracts were traded on the platform.
The pattern
Though the daily trading of Bakkt’s contracts was below $1 million for most of the days, the volume spiked on October 23 amid the sudden drop of Bitcoin’s value to below $7,500.
The trend on the spot market, however, reversed with the unaccepted speech of Chinese President Xi Jinping on Friday, howling for re-embracing digital currencies. This created a stir among the speculative traders and resulted in a massive surge in the cryptocurrency market.
Traders are also betting big on the futures market with the chances of Bitcoin adoption by China, which is clearly reflecting on the Bakkt’s trading volume.
Meanwhile, Bakkt is also set to introduce options contracts for Bitcoin futures in December to compete with similar prospective by its market competitor CME Group. However, unlike futures contracts, the company will provide options for both cash and physical settlement for its upcoming contracts.