0
📰 News
585 views

Bakkt Open Interest Doubles to $2 Mln In One Day as Bitcoin Trading Volume Approaches New ATH

ByBit
  • Yuri Molchan
    📰 News

    Bakkt Bitcoin futures trading volume exceeds that of last week, nearing another ATH, while the total open interest doubles in just one day

Bakkt Open Interest Doubles to $2 Mln In One Day as Bitcoin Trading Volume Approaches New ATH
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Bakkt, the Bitcoin futures trading exchange, backed by the ICE, has shown a record of doubling its open interest within one day. On November 6, it totaled $2 mln, compared to the previous figure.

Is Bakkt volume nearing another ATH?

Apart from the open interest doubling, Bakkt is making substantial progress in the trading volume of Bitcoin futures, which launched earlier this fall.

As per the Bakkt Volume Bot’s Twitter page, on November 6, Bakkt’s trading volume totaled 1096 Bitcoin futures contracts.

The all-time-high achieved on this platform recently was on October 25 and amounted to 1183 contracts traded.

👉MUST READ

‘Bitmain Civil War’ Continues: Jihan Wu-Fired CEO Micree Zhan Determined to Regain His Position

‘Bitmain Civil War’ Continues: Jihan Wu-Fired CEO Micree Zhan Determined to Regain His Position

Bitcoin price keeps declining as China and US negotiate a deal

As reported by CNBC, China has negotiated with Washington that the current trade tariffs will be ditched gradually, in phases. Both countries have agreed to change the current tariffs on some of the goods.

When the so-called ‘trade war’ broke out earlier this year, this coincided with a massive Bitcoin price surge. Many back then believed that the worsening of trade relations between the two super powers had its impact on the Bitcoin price – many Chinese investors started hedging their risks against the falling quotes of RMB.

At press time, Bitcoin is trading at $9.225, showing a decline by almost 2 percent.

BTC price
Image via Coinmarketcap

 

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted
0
📰 News
533 views

Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX

ByBit
  • Alex Dovbnya
    📰 News

    A massive amount of long positions gets liquidated on the BitMEX exchange after the Bitcoin price tanked all the way down to $7,350

Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

$179.3 mln worth of longs has been liquidated on BitMEX, the leading derivatives exchange, after the Bitcoin price shockingly dropped to $7,350 (compared to spot exchanges where BTC didn't go below $7,500). Considering that the average leverage is 25x, Bitcoin bulls collectively netted a loss of around $6.4 mln.         

One of the top traders on BitMEX, who felt "long and strong" at the $8,000 level, most probably regrets his recent tweet.     

👉MUST READ

Bitcoin Is Dying, According to Top Trader Who Masterfully Shorted BTC at $20,000

Bitcoin Is Dying, According to Top Trader Who Masterfully Shorted BTC at $20,000

This string of bloody-red candles opens a possibility for a further drop to below $7,000, which has been the pipe dream of Bitcoin bears ever since the BTC price blasted past this level back in May.   

At the time of writing, the top coin by market capitalization is sitting at $7,581 with no sings of buying pressure, CoinStats data shows.  

Trader "The Wolf of Wall Street" says that the retail interest in Bitcoin has been slowing down in November (based on the number of addresses with balances less than 0.1 BTC). Hence, it is unlikely that the average Joe will start FOMOing in anytime soon.      

Dutch analyst "Plan B" didn't cave in to bearish sentiment. He says that the positive difficulty adjustment prevented the much-feared miner capitulation, and the BTC price could increase from that point. 

👉MUST READ

Deribit or BitMEX? Crypto-derivatives Exchanges Compared

Deribit or BitMEX? Crypto-derivatives Exchanges Compared

As reported by U.Today, the Bitcoin price could still nose-dive by 40 percent based on the BitMEX funding rate

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

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.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted