- Bakkt’s Volume Grows to $38 million, Expected to hits ATH before Thanksgiving
- Volatility won’t stop Bakkt from doing well for Thanksgiving.
Cryptocurrency News Today – It is no secret that Volatility is the major determiner of price actions in the crypto sector. This has caused concerns among institutional investors. This volatility has played in favor of Bakkt, the ICE (intercontinental exchange) digital assets platform. According to reports, Bakkt has seen its volumes rise to yet a fresh high point after it reaches the $38.74 million mark, with trading still on.
From the way things look, institutional investors have become eager to ensure that their physical Bitcoin Futures have been delivered in the bag before they go for the Thanksgiving weekend. On November 27, no less than 5,100 Bitcoin worth of contracts were traded. Per data gotten from daily volume tracker, Bakkt volume bot, Bakkt reached a fresh all-time high signaling a 40% increase from the previous high it attained.
Going by the estimate issued by the tracker, Bakkt’s volume could become double of its previous ATH. It could even reach $41 million before trading closes for the day. Thanksgiving fever was reportedly not the only thing that was on the minds of investors.
Bakkt Volumes Saw an All-Time High of $20.4 Million on November 22
On November 22, Bakkt posted all-time highs of $20.4 million following Bitcoin’s drop from $8,400 to $7,500, due to fears that China’s top crypto exchanges were reportedly having their offices shutdown and the Chinese Communist Party was relaunching its crackdown on the decentralized digital currency. This is what induced the bearish decline that made Bitcoin fall $7,000.
South Korean exchange Upbit, was hacked and scammers made away with $50 million in digital assets. While Bitcoin wasn’t among the tokens that were stolen, collectively, the bears brought down BTC price by 2.5% in just one hour on 27 November. Bitcoin eventually rebounded after reaching $6,850 by rising by 9.7%. This volatility, in the trading hours, ensured that institutional investors responded by trading their derivatives contracts in large numbers. Hence, the increase in Bakkt’s volumes.
One more important thing to indicate here when it comes to Bitcoin derivatives is the role of CME. The Futures exchange performed very well considering how their cash-settled BTC Futures fared during the early days of the Bakkt platform. However, they soon fell back because institutional investors now understood the requirements for custody of Bakkt’s product. For its part, Bakkt, no matter where it found its stepping stone (CME or Bitcoin’s action), will ensure that investors enjoy Thanksgiving.