Bakkt Volumes Spikes as the Cryptocurrency Market Suffers Losses | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
So far, Bakkt’s volumes have been relatively low, except for a few occasions. However, after yesterday’s drop, volumes suddenly increased bringing the total amount of bitcoin traded to more than 600 units, according to Bakkt Volume Bot on Twitter.
The launch of Bakkt did not have the effect that many retail investors expected. For a few days, its volumes were even lower than 10 bitcoins, an insignificant sum compared to what was traded on classic platforms like Binance or Bitfinex.
For some, these values have potentially contributed to further lowering the bitcoin value we are seeing these days.
However, one should not rush to draw conclusions. After days of calm, monthly trading contracts at ICE’s futures platform reached an all-time high of 640 contracts, increasing by 653 percent from previous day figures.
∙ Today’s volume so far: 170 BTC
∙ Last traded price: $7,457.50
∙ Trading day progress: 30% (if this continues: 100% equals to 567 BTC)
— Bakkt Volume Bot (@BakktBot) October 24, 2019
Although the increase in volumes gave a momentary feeling of improvement, the values returned to the usual standard today, demonstrating that it was only an occasional event.
It remains to understand why the volumes on Bakkt remain so low while its Chicago-based competitor, the CME Group, has volumes of an average of more than five thousand contracts with a size of five bitcoin.