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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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Nationwide Blockchain of China Finally Preparing for Launch

  •  Denis Sinyavskiy
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    China launching nationwide blockchain service in beta mode until March 2020. It must push forward digital economy and smart cities

Nationwide Blockchain of China Finally Preparing for Launch
Cover image via www.123rf.com

China continues to take steps toward the digital economy and smart cities by officially releasing a nationwide blockchain service network, XINHUANET says.

Blockchain service network expectations

UnionPay, State Information Center (SIC), China Mobile and three other organizations worked on a system that will help China lead the blockchain technology market. Blockchain beta testing has already been announced and will last until March 2020, and all content and services will be available for free till that date.

BSN is expected to accelerate the development of digital technology and smart cities, as well as foster the development of new technology and industries.

What about CBDC?

Earlier, U.Today reported, that China has come close to creating its own cryptocurrency and may even launch it this fall, but then there was information that the national digital currency will appear later.

But China will not become the first country to introduce a national cryptocurrency. The Kingdom of Bhutan has already done it this month, as we already reported.

So, what do you think? Does the launch of China's national blockchain mean that the country will become a leader? Write what you think about this in the comments section!

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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