Bitcoin Bulls May Regain Power Soon as Bitcoin Futures Trading Volumes Surge

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Sat, 10/12/2019 - 12:22
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Yuri Molchan
The other day, Bakkt and Binance demonstrated big volumes of trading on BTC futures, which is likely to be a good sign for the Bitcoin price
Bitcoin Bulls May Regain Power Soon as Bitcoin Futures Trading Volumes Surge
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Prior to the beginning of Bitcoin futures trade on Bakkt recently, many had hoped that this event would trigger a massive growth of the Bitcoin price. However, the start of the trading showed poor volumes – merely 72 BTC on the first day.

Many then began to believe that the BTC quotes correction was triggered by this, among other less visible factors.

Still, now the situation seems to be changing as earlier this week, both Bakkt and Binance, where BTC futures kicked off a little later, picked up steam and demonstrated quite impressive trading volumes.

Now, the crypto community has reasons to believe that the Bitcoin price may head North again soon, as was expected prior to the Bakkt BTC futures launch.

Bakkt BTC futures trading rises in volume

On Thursday, October 10, the official Twitter page of Bakkt reported that on that day the trading volume of BTC derivatives totaled 224 BTC. That’s three times more than on the very first day of the launch.

On the same day, the Bitcoin quotes surged to $8,600.

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Binance records an astounding trading volume on BTC futures

On Friday, U.Today reported that a member of the Binance team proudly tweeted that the trading volume of BTC contracts on the exchange totaled $134 mln (that’s 16,000 BTC) in just one hour.

Good news, considering the fact that the BTC futures market on Binance was launched only about a month ago.

As the market opens more opportunities to gor for Bitcoin for both institutional and retail investors, experts, such as Anthony Pompliano and Mike Novogratz, believe that this will make the BTC price surge in the short term.

Do you think that high volume of trading on BTC futures contracts will trigger a BTC price rise in the near term? Share your opinion in the comments below!

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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.