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Bakkt's Trading Volume Picks Up Steam While Bitcoin Price Surges to $8,600

  • Alex Dovbnya
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    Bakkt has traded 224 BTC in a single day, which marks a significant growth compared to previous weeks

 Bakkt's Trading Volume Picks Up Steam While Bitcoin Price Surges to $8,600
Cover image via www.123rf.com

Bakkt, the ICE-baked Bitcoin futures exchange, has traded 224 BTC ($1.9 mln at current prices) in one day. While it still can't hold a candle to Chicago-based CME Group, the exchange's volumes have been steadily increasing as of late, which might be a sign that the demand for its novel product is gradually increasing.  

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Bakkt Flops on Its First Day with Embarrassing Trading Volume, but Bitcoin Bull Brian Kelly Remains Positive About Its Long-Term Potential

Bakkt Flops on Its First Day with Embarrassing Trading Volume, but Bitcoin Bull Brian Kelly Remains Positive About Its Long-Term Potential

There was a lot of excitement on the air on the verge of Bakkt's launch, but it quickly dissipated when the exchange started recording more than underwhelming numbers. Eventually, everyone and their uncle prematurely labeled Bakkt a flop without looking at the bigger picture. Notably, the Bitcoin price experienced a massive 20 percent drop just days Jeffrey Sprecher's new venture debuted to much fanfare. 

As of Oct. 9, Bakkt's last recorded trading price was $8,582. Bitcoin, the top cryptocurrency by market capitalization, is currently trading at $8,599 after a 5.53 percent price increase over the last 24 hours, according to CoinStats data.     

 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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