Bakkt Bitcoin (BTC) futures just reached a daily trading record just as the number one cryptocurrency crashed from the previous $8,000 to under $7,000 in less than 24 hours. In today’s bitcoin news, we take a closer look at the latest analysis.
The activity for the Bakkt bitcoin (BTC) futures increased on the exchange from the usual daily interest above the 1,400 traded contracts and this interest surpassed the equivalent of $1.75 million. Bakkt has been off to a very slow start but the two months after the futures launch, the exchange proves to be a very useful tool to offset the price fluctuations of the number one cryptocurrency. So far, Bakkt’s activity increased during more volatile days for the altcoin and there is now a clear growing trend.
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The exchange is also prepared to continue the smashing record as more and more traders come on board. The trajectory of Bakkt resembles that one of the adoptions of the CME futures which gives the volumes a steady movement over the past and future years. The monthly Bitcoin futures contracts on Bakkt became liquid enough to be used as a pricing basis for the new cash-settled futures market on ICE in Singapore. The latest product was announced back on Friday and it is expected to launch on December 9. However, there are some analysts that believe that ICE can backtrack on BTC adoption by offering cash-settled futures.
The increased activity on the platform happened only after a day when Bitcoin’s market sentiment dropped to new lows. The drop in price didn’t look like a capitulation from the futures traders and the Bitcoin trading volume also increased in the bull-and-bear fight in which the prices increased from $7,000 to over this range in just a few hours. The volumes remained high over the weekend above $33 billion in 24 hours.
The latest sell-off also increased the volumes of the Dollar while Tether trading dropped to 73 percent. The share of the US pairs is still above 10 percent and the spot market for BTC sets the price through a few other exchanges with no one market capable to move the price of the leading cryptocurrency.
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