Bitcoin exchange Bakkt sets new trading record

  • 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.

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.

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.

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Please follow me on Twitter for deep analysis. Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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