- The cryptocurrency exchange Bakkt yesterday set a new record of 1,756 Bitcoin Futures contracts traded.
- Although the trading volume appears comparatively low, Bakkt has been showing a positive development over the past few weeks.
Bitcoin Futures trading on Bakkt started disappointingly with a very low volume. However, CEO Kelly Loeffler stressed that at the beginning many investors will observe the developments for the time being and will enter at a later point in time. Step by step, the development of the trading volume is picking up speed.
New trading record on Bakkt
Yesterday Bakkt set a new trading record of 1,756 Bitcoin Futures contracts traded in a single day with a value of just under USD 15.4 million.
Daily summary of Friday's Bakkt Bitcoin Monthly Futures:
? Traded contracts: 1741 ($15,486,195) (New ATH ?)
? Day before: 834 (+109%)
? All time high: 1741 (11/8/2019)
— Bakkt Volume Bot (@BakktBot) November 9, 2019
Although these figures appear low compared to the BitMEX futures exchange, on which Bitcoin futures contracts with a volume of over USD 1 billion were traded at times, the Bakkt exchange is developing positively.
In the Bitcoin community there is currently a lot of discussion about whether Bakkt could be related to yesterday’s drop in the Bitcoin price. Even if some Bitcoin supporters make a causal connection, the trading volume seems to be too small for Bakkt to actually have a noticeable impact.
Bitcoin’s price surprisingly dropped yesterday from just under 9,200 USD to 8,840 USD within a few hours.
The well-known Bitcoin trader Bitcoin Catz describes on Twitter that another death-crossed was to be seen on the daily chart and this led to a drop in the Bitcoin price in March 2018.
$BTC Death & Golden Cross
Don't know why nobody is talking about it, but #Bitcoin death-crossed on the daily, the last time it happened was around March 2018. After the death-cross we had a significant drop in price. After the golden cross in April 2019 a significant price jump. pic.twitter.com/ImUF6L5F1Z
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— ₿itcoin Catz? (@BitcoinCatz) November 8, 2019
Other analysts noted a cashing out of smaller Bitcoin positions from the market. Trader “The KONG” is waiting for a retest along the 8,400 USD resistance level and a possible following pump.
It remains to be seen in which direction the market will move.
Bakkt brings world’s first Bitcoin option contracts
Bakkt announced some time ago that the exchange will launch Bitcoin option contracts on 09 December. The Bakkt Bitcoin option contract is based on the benchmark of the Bakkt Monthly Bitcoin futures contracts and represents another important option to invest in this asset class. According to the company’s own statements, institutional investors are expected to benefit most.
Bakkt will not charge any trading fees until the end of the year. From 1 January 2020, a fee of USD 1.25 per contract will be charged for trading. In addition, Bakkt offers ICE Option Analytics, an analysis tool that investors can use to assess risk.