- BTC price goes from $6,700 to $6,400 to most $7,450
- Bakkt volume makes a new ATH with a volume of $47.30 million
- Open interest on Bakkt meanwhile takes a drop
- Volume on CME bitcoin futures also surges to hit December high
On Dec. 18, the Bitcoin price registered a lot of movement as first it crashed to $6,400 an “important” support level that the flagship cryptocurrency wasn’t able to breakthrough. BTC then bounced off this level and went onto flying. Bitcoin price then soaring as high as $7,300.
At the time of writing, BTC/USD has been trading at $7,187 with 24-hour gains of over 9%, as per Coincodex while managing the daily trading volume of $740 million. As volatility returns in the market, trading volume has is also climbing from just $150 million on the weekend.
Crypto commentators, however, aren't feeling good about this surge and don’t see $6,400 as the bottom of this bear market.
Bakkt is Enjoying the Movement
This wild movement in Bitcoin price, however, turned out to be good for Bakkt. On Wednesday, a total of 6601 Bitcoin monthly futures amounting to approximately $47.30 million traded on Bakkt. This new all-time high (ATH) has been an increase of 74% from the previous day.
Open interest meanwhile has taken a drop of 30% at $3.98 million which has been going parabolic to hit ATH at $7 million on Dec. 16.
CME Feeling the Effects Too
Bakkt has come a long way from just 72 BTC contracts on its first day and since late October it continues to hit new ATH.
Just like Bakkt, CME recorded an uptick in volume as well at 13,137 volume, here 1 BTC contract equals 5 BTC. This has been the highest volume in the month of December.
Last week, just after three months of launching its long-anticipated physically settled Bitcoin futures product, Bakkt went live with its Bitcoin options and cash-settled futures contracts as well.
However, now CFTC approved ErisX is ready to compete with Bakkt by launching its physically-settled bitcoin futures contracts.