Bakkt Breaks Yet Another ATH by Smashing through 2000 BTC Volume while Bitcoin Price Crashes
- Bitcoin price drops to 5-month low at $6,785
- Bakkt makes a new record of more than 2000 BTC in trading volume
It's been two months now that Bakkt has been launched. The opening month left a lot to be desired after it registered extremely low volume. On the first day of its launch, Bakkt recorded a volume of just 72 BTC. But the second month has been seeing a lot of progress, making a new record every other day.
Today, Bakkt broke another all-time high (ATH).
On Nov. 8, Bakkt physically delivered monthly bitcoin futures contracts peaked at 1756 BTC volume equivalent of $15.6 million. That day BTC price dropped from around $9,200 to $8,650 level.
Today, Bitcoin crashed to 5 month low, going as low as $6,785. This week, BTC has lost more than 21% of its value. And just like Bakkt has done on previous occasions, a decline in BTC price has led to the platform hitting a new record.
At the time of writing, 2003 BTC has changed hands, as per the ICE website. However, because of the fall in BTC price, the value in USD terms is much lower than the previous high, at just about $14 million.
On Nov 18, Bakkt also breached a $100 million mark in monthly aggregated volume for the very first time in its less than 2 month-long journey.
Yesterday, Bakkt breached the $100mln mark in monthly aggregated volume for the first time in its young history. pic.twitter.com/RnGG9VLAKO
— skew (@skewdotcom) November 19, 2019
Bakkt recently announced the launch of cash-settled Bitcoin futures contracts on the Monetary Authority of Singapore (MAS) regulated ICE Futures Singapore platform on December 9.
On December 9, the @Bakkt Bitcoin (USD) Cash Settled Monthly Futures contract will launch at ICE Futures Singapore.
— ICE (@ICE_Markets) November 22, 2019
Currently, Bitcoin price is trading around $7,100 while managing the daily trading volume of $847.6 million on top ten spot exchanges with real volume, as per Messari.