Bakkt platform records record trading volumes

After a disappointing launch, the Bakkt platform begins to grow. On October 10, the exchange reported that 224 BTC contracts were traded.

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1 Delays for legal reasons

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Contracts traded so far today: 224 BTC
Last traded price: $ 8,582.50
– Bakkt Volume Bot (@BakktBot) October 10, 2019

The Bakkt platform was launched with the hope that it will stimulate institutional interest in being able to hold BTC physically. However, at this point, the volumes of transactions are quite small compared to the BTC turnover worldwide.

Volumes on major crypto exchanges exceed $ 2.4 million in Bitcoin traded daily. At the same time, the Bitcoin network is moving BTC worth nearly $ 1 billion daily

Major exchanges typically hold over 100,000 BTCs in their cold wallets. Compared to Bakkt, Lighting Network has the capacity to trade around 800 BTC.

Delays for legal reasons

Bakkt was due to launch much earlier, but a series of delays caused by the Commodity Futures Trading Commission (CFTC) delayed the final launch. There is hope for volume growth in the future, as CME crypto futures markets have shown solid performance in the nearly two years of existence.

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The current increase in volumes also shows that Bakkt is responding to activity in Bitcoin markets. Last day, when the BTC price rose to $ 8,627.71, activity on the Bakkt was high.

A more robust futures market may begin to attract miners or traders who want to protect themselves from the risk of spot market prices.

At this time, it cannot be said whether the Bakkt launch would affect the BTC price. The launch of the CME futures contracts was followed by an immediate collapse of prices for the BTC. It remains to be seen what effect the new form of BTC futures will have on the price of Bitcoin.