Bitcoin Bulls May Regain Power Soon as Bitcoin Futures Trading Volumes Surge
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.
Contracts traded so far today: 224 BTC
— Bakkt Volume Bot (@BakktBot) October 10, 2019
Last traded price: $8,582.50
On the same day, the Bitcoin quotes surged to $8,600.
Yuri MolchanBinance 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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