Bitcoin continued with its rally and posted an 11-month high after hitting past the $11,000 ceiling. The BTC rally has triggered Bitcoin Futures volumes on Bakkt Asset platform. The exchange has recently endured low amounts with no options traded last month.
The NYSE-owned Bitcoin exchanged reported via Twitter it had experienced record trading volumes. It has been an entire month of no activities on several of its products. This happened following two days of consecutive gains for bitcoin which rallied from $9,300. BTC finally achieved an all-new high of $11,400 on BitFinex. The last time bitcoin reached this level was August 2019. Bakkt tweeted:
“Our Bakkt Bitcoin Futures reached a new record high of 11,509 contracts traded today (each contract = 1 bitcoin) – an increase of 85% from our last record-setting day.”
The Awaited Bull Run
The price gains on the king of crypto have come after a few weeks of resistance in price actions for Bitcoin and Ethereum. The attendant rally has brought the two leading cryptocurrencies back into the limelight, and most investors believe the awaited Bull Run towards the $20,000 high is finally here.
At the time of writing, Bitcoin had retreated to below $11,000 and was trading at $10,950. It may not yet be clear how low the retreat will venture, but it appears like we may have surpassed the erstwhile $10,500 resistance level as formidable support. Buyers may try to hold above the $10,950 level and should they be successful the price could hold above $11,000.
Stayed in the Dark
Bakkt’s Bitcoin Futures have endured the lowest performance in a long time. For instance, the Bakkt options experienced zero options traded on the platform since June 15th. Competitors Deribit and Huobi gobbled up billions of dollars daily bitcoin futures volumes as Bakkt stayed in the dark.
Before its launch in 2019, Bakkt was touted to bring substantial institutional interest in Bitcoin due to its relation with the New York Stock Exchange (NYSE). Bakkt is among the first fully-regulated cryptocurrency exchanges in the United States. Bakkt is wholly owned by the Intercontinental Exchange (ICE), a leading operator of clearinghouses, data and listings services.
Steps towards Integrating Bitcoin
The economic downturn triggered by the ongoing coronavirus pandemic has reignited institutional interest in cryptocurrencies. The last few weeks have seen payment processors like PayPal, Visa and MasterCard take up steps towards integrating bitcoin into their systems. It may appear like Covid-19 and United States’ economic stimulus package will succeed where Bakkt failed to deliver.