Bakkt Scores New All-time High, Trading Over 450 Bitcoin Contracts
By Luke Flowers – Cryptocurrency Speculator
Digital asset platform Bakkt's Bitcoin futures volume has hit a new all-time high, trading over 452 contracts at the time of writing. This suggests there’s a market for buying Bitcoin futures.
According to the Intercontinental Exchange's (ICE) historical data, the platform Bakkt traded about 441 Bitcoin futures contracts for November 2019, with the last recorded Bitcoin trading price per dollar settling at $7,400. For December, over 11 futures contracts have been sold so far with the last recorded trading price at $7,407.
Bakkt Volume Bot, a Twitter account that carries out the platform's live tracking, suggested the amount of BTC future contracts is projected to reach about 1,103 BTC by the end of the day. This is an enormous amount of speculation on buying Bitcoin.
Mati Greenspan, senior analyst at eToro also took note of the surge in volume earlier in the day by tweeting on the trading volumes hitting record highs of 334 BTC and counting
ICE executed Bakkt's first trade of Bitcoin futures contracts. They specified that the trade was executed between Galaxy Digital, a digital assets merchant bank, and XBTO, and was cleared by agricultural commodities merchant ES&F Man. Allowing investors to buy and sell Bitcoin this way is revolutionary for the industry. XBTO commented by saying:
“Last week, we bought the first Bakkt Bitcoin Daily Futures contract and took the first physical delivery of a digital asset under existing commodity futures laws and regulations. This week, we executed the first block trade. We’re pleased to report that the launch was successful and can accommodate large trades.”
As the launch of new platform was a success, Bakkt is hoping more institutions and users in general will be encouraged to buy and sell Bitcoin or speculate on the price movement.
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