Your favorite crypto news blog

Bakkt To The Futures: Last Year’s Hottest Bitcoin Platform Breaks All-Time

Bitcoin 2020/09/19 03:00 by Tony Spilotro

A blast from Bitcoin’s past is making a comeback, reaching a new all-time highs trading volume after abysmal launch turnout sent the cryptocurrency’s price tumbling last year.

What’s going on with Bakkt that suddenly has its Bitcoin Futures trading desk soaring in trading activity?

Bakkt The Truck Up: Remembering The Reason For Crypto’s 2019 Collapse

Last year, Bitcoin’s safe haven narrative first took shape, as the cryptocurrency began to rally alongside gold as tensions mounted between the US and China.

Little did investors know, those buying up those safe haven assets then were actually preparing for a pandemic and hyperinflation as a result of the stimulus efforts to battle it.

Related Reading | These Key Levels And Dates Could Invalidate Bitcoin’s Stock-To-Flow Model

Regardless of the outcome this year, last year’s Bitcoin rally turned out to be a dud in the end. And support at $10,000 then was ultimately lost due to the launch of the much anticipated Bakkt Future trading desk, falling on its face.

The Intercontinental Exchange owned, physically delivered Bitcoin Futures contracts platform was to be the next big thing to hit crypto, that was said to open the flood gates to institutional adoption.

Except when the platform launched, there was barely trace of activity. Bitcoin price plunged through $10,000 after weeks of trading above it, and it has taken until now to get back above.

Why Is Trading Volume Surging On The Bitcoin Futures Trading Desk?

But Bitcoin price is back above $10,000, and a year later here we are. At the same time, however, Bakkt trading volume is rising, and has even set a new all-time high of over $175 million in trading volume.

It’s not clear why there’s suddenly interest in Bitcoin on Bakkt, after a year of stagnancy. However, all growth needs to begin somewhere, and it is possible it has taken this long for institutions to get onboarded and take notice of the platform.

Related Reading | Bitcoin Crossroads Made Clear By Two Remaining Lines in The Sand

Or perhaps, it’s the recent move from hedge fund managers, and even corporations like MicroStrategy who are hedging against the coming inflation, that has inspired traders on Bakkt to place bets on Bitcoin through Futures contracts.

bitcoin bakkt futures launch date and performance

BTCUSD Bakkt Launch September 23 & Losing $10,000 Support | Source: TradingView

Interestingly, Bakkt reaching all-time high comes just after Bitcoin price retestied the exact support level, to the candle, that was lost on September 23 when Bakkt first launched.

That line, has acted as the crypto asset’s strongest resistance yet, and thus far, it has held this time as support.  If it continues to hold, Bitcoin may see a new all-time high alongside Bakkt’s surging record trading volumes.

0 Like(s)

You should also read...

Bitcoin 23/11/19 13:00 by Christine Vasileva
Bakkt Bitcoin Futures Record: 2728 Contracts Traded Amid BTC Crash
The Bakkt Bitcoin (BTC) futures set a daily trading record, just as the leading coin crashed from $8,000 to under $7,000 within a 24-hour period. Bakkt Activity Shot Up on Day of Rapid Losses for BTC...
Read More
Bitcoin 25/11/19 18:30 by Nick James
Alive and Well: Bitcoin Futures Trading Volume On Bakkt Is Growing Despite Market Downturn
Bitcoin-based futures trading on Bakkt seems to have entered a prime period of late, and that’s despite the fact that the crypto market bulls have been struggling to keep the prices up. Bitcoin, fo...
Read More
Bitcoin 28/11/19 05:00 by Martin Young
Bakkt Bitcoin Futures Reach Record High as BTC Options Launch Nears
Bitcoin prices may be way down from this year’s peak but institutional investment is showing no signs of slowing down. Futures contracts are naturally a little different to buying and holding BTC bu...
Read More
Bitcoin 28/11/19 21:00 by Rick D.
Bakkt Hits New All-Time High Volume but Analyst Pours Cold Water on Bitcoin Bulls
The much-hyped Bitcoin futures platform Bakkt has just hit a new all-time high in terms of its daily trading volume. After a meagre start back in September, interest in trading the financial product i...
Read More
Bitcoin 10/12/19 00:00 by Rick D.
Bakkt Scorned as Cash-Settled Bitcoin Futures Launch in Singapore
It appears that the digital currency community has very much fallen out of love with the Bakkt platform. Prior to its launch, the ICE-backed Bitcoin futures platform was heralded as one of the most po...
Read More