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Bakkt's Trading Volume Jumps 800%, Will Bitcoin Follow?
Bakkt Bitcoin Futures Finally Picks Up Steam
Many in the world of Bitcoin and cryptocurrencies were anxiously anticipating the launch of Bakkt Bitcoin Futures. It symbolized institutional adoption of Bitcoin as a tradable asset by Wall Street. Unfortunately, those who were waiting for the launch of Bakkt ended up sorely disappointed.
On the day of Bakkt's launch, it's trading volume was notoriously low. Only 28 monthly contracts were traded and even fewer daily contracts. This caused Bakkt to be the subject of ridicule by many on Twitter. In addition to that, on the day of Bakkt's launch Bitcoin fell below $10,000 and has yet to rise above that mark.
Bakkt's Trading Volume Explodes
In a surprise to many, Bakkt's Bitcoin Futures trading volume has finally picked up. It has reached a new all time high of 224 contracts traded.
ICYMI: Monday's Bakkt Bitcoin Monthly Futures:â Bakkt Volume Bot (@BakktBot) October 10, 2019
ð¸ Traded contracts: 224 (+796%) (New ATH ð)
ð Day before: 25
ð New all time high: 224
Follow @BakktBot for realtime updates. pic.twitter.com/sAxzCOQXFq
As per the time of writing this, Bakkt's trading volume has fallen to 59 contracts traded. Should its volume pick up again, it could potentially affect Bitcoin's price for the better.
Thomas Lee, Co-founder of Fundstrat shared a few wise words about Bakkt on Twitter
Bakkt & Bitcoin
As we've previously reported, there seems to be a distinct correlation between the price of Bitcoin & Bitcoin Futures. On the 10th of October, the day which Bakkt reported a large increase of trading volume, Bitcoin broke the $8,500 mark. Bitcoin is currently trading at $8,342.
As per Alan Masters' technical analysis, Bitcoin shows room for growth. The RSI is still doing good above 40. It is currently 47.76. It seems to be recovering ever since its 30th of September low of $7,900. We could possibly see Bitcoin above $9,000 towards the end of the month.