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

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Thu, 11/07/2019 - 13:30
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Yuri Molchan
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
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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.

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‘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
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About the author

Yuri is a crypto 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 in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.