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

  • Yuri Molchan
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    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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Contents

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 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.

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Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing

  • Alex Dovbnya
    📰 News

    Google's quantum computer is still too primitive to pose a threat for Bitcoin's cryptography, but things could escalate quickly

Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing
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According to a new research paper published in science journal Nature, Google's quantum computer is able to perform calculations in just three minutes. To put this into perspective, it would take the fastest supercomputer about 10,000 years to perform the same operation, which signifies a major tech milestone for the search behemoth. 

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Google achieves "quantum supremacy"

Back in September, the Financial Times reported that Google has managed to achieve "quantum supremacy," which means that its beast is able to perform calculations that would be impossible to pull off with any other computer. 

However, technology is still way too fragile for commercialization, which is unlikely to happen anytime soon. There is hardly any practical application for quantum computers, but they do have great potential for disrupting a lot of industries, such as finance and transportation.   

Considering that the Trump administration has funneled a whopping $1.2 bln into the development of quantum computing, it might stop being just a buzz word. 

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Will Google's quantum success affect Bitcoin

There is also one notable application for quantum computing -- hacking Bitcoin. The headlines about Google's super-powerful juggernaut has made many wonder whether Bitcoin, whose value derives from the immutability of its Blockchain, is in danger. 

However, ex-Bitcoin Core developer Peter Todd reassured the confused crypto crowd that Google was nowhere near breaking the top coin's cryptography. On top of that, it's not even clear whether quantum computers could potentially be scalable enough for commercial use. 

Bitcoin evangelist Andreas Antonopoulos also opined that Google's quantum breakthrough would have no impact on the orange coin. 

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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.

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