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

Libra Coin News
Thu, 10/10/2019 - 06:59
Alex Dovbnya
Bakkt has traded 224 BTC in a single day, which marks a significant growth compared to previous weeks
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.  

Related
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.     

 

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.