U.Today Franchise
F2Pool
0
📰 News
1859 views

Bitcoin Futures Traded on Bakkt See 100x Growth Since September. Is Another Bull Run Near?

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Alex Dovbnya
    📰 News

    Bakkt's trading volume have been on a tear as of recently, but does it really matter?

Bitcoin Futures Traded on Bakkt See 100x Growth Since September. Is Another Bull Run Near?
Cover image via 123rf.com
Contents

Anyone who dared to call Bakkt a flop now has to eat his words. The ICE-baked Bitcoin futures exchange has experienced 100-fold growth since its its inception in September.

👉MUST READ

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

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

Starting on a cold note 

Bakkt already became a buzzword in the cryptocurrency industry even before its launch. The company, which is backed by New York Stock Exchange owner Jeffrey Sprecher, was supposed to be a game changer since it promised to offer physically-settled Bitcoin futures, a completely new product.   

However, Bakkt was off to a cold start after its underwhelming trading volumes dissipated all europhia. As reported by U.Today, a group of JPMorgan strategists even alleged that the company's disappointing launch was to blame for the massive Bitcoin price drop that came shortly after. 

👉MUST READ

Bitcoin Futures That Are Settled in Cash to Be Launched by Bakkt in December

Bitcoin Futures That Are Settled in Cash to Be Launched by Bakkt in December

Don't underestimate Jeffrey Sprecher

Fast-forward to November, Bakkt has already proven that it's not just a fad. As reported by U.Today, its trading volumes have been routinely recording new all-time highs as of recently. On Nov. 27, Bakkt's daily volume reached a whopping 5,671 BTC ($42.5 mln), setting yet another record. 

👉MUST READ

Bakkt Plans to Take on CME with Cash-Settled Bitcoin Futures

Bakkt Plans to Take on CME with Cash-Settled Bitcoin Futures

Is this paper trading?

With that being said, crypto analyst Alex Krüger says Bakkt's exploding volume is not necessarily good news for Bitcoin bulls. The thing is, Bakkt's daily futures contracts, which are actually indicative of institutional demand for the top cryptocurrency, have zero volume. It's all just "paper trading", which means that Bakkt is no different from Chicago-based juggernaut CME Group.                

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

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.

Recommended articles
CLOUD MININGPromoted
0
📰 News
1346 views

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Alex Dovbnya
    📰 News

    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

👉MUST READ

Tim Draper Says His $250,000 Bitcoin Price Prediction Is Not Based on Halvening

Tim Draper Says His $250,000 Bitcoin Price Prediction Is Not Based on Halvening

Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

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.

Recommended articles
CLOUD MININGPromoted