Trading volume for Bakkt’s bitcoin futures rallies 796 percent
In August, it was announced that Bakkt, the digital asset platform that the Atlanta-based company that owns the New York Stock Exchange is behind, has been given the go-ahead from authorities to start its futures trading with bitcoin.
Already today, a few exchanges offer trading in bitcoin futures contracts, but these are based on money. In Bakkt’s case, the futures are backed by physically stored bitcoin, which means that investors can receive cryptocurrencies instead of the equivalent value in cash when the contract expires.
Since its launch in September, however, Bakkt’s futures contracts has had a hard time. At the beginning, a trading volume of only 26 bitcoin was reported.
On Wednesday, however, there was a change in the trading volume.
Increase by 796 percent
According to data from the Twitter user “Bakkt Volume Bot”, which is independent from Bakkt, the trading volume for Bakkt’s bitcoin futures increased from 25 to 224 contracts.
This is an increase of 796 percent compared to the day before.
It is also the all-time-high for the platform, according to the post on Twitter.
Daily summary of Wednesday's Bakkt Bitcoin Monthly Futures:
Traded contracts: 224 (+796%) (New ATH )
Day before: 25
New all time high: 224
— Bakkt Volume Bot (@BakktBot) October 10, 2019
The sharp rise in traded bitcoin futures contracts at Bakkt was followed by an increase in the bitcoin price of several hundred dollars.
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