Bakkt’s Bitcoin prowess continues to grow as trading stays healthy

Bitcoin’s market movement on various exchanges has caught the eye of many users in the industry, with the world’s largest cryptocurrency flirting with the $10,000 line on 28^th October. Bakkt’s latest data on the Bitcoin movement showed that 240 BTC was transferred on the exchange, with the last traded price being $9460. The trading day progress was at 3 percent, with projected rates amounting to 8000 BTC.

The community was also riled up with the announcement with Mads Olsen, a cryptocurrency enthusiast stating:

“BAKKT has on-boarded a few new customers. That’s all.

These few is a tiny drop in the ocean of institutional investors and funds that is about to enter the next 24 months.

This has not really started yet.”

Bakkt was also in the news recently when the exchange announced that it would be launching the first regulated options contract for Bitcoin futures. Kelly Loeffler, the Chief Executive Officer [CEO] of Bakkt, had stated:

“We’ve been working closely with market participants to build liquidity, create market transparency and build open interest. Notably, we saw a record 590 contracts of Bakkt Bitcoin Monthly Futures change hands yesterday, October 23. We also completed a milestone with seamless physical deliveries in both our daily and monthly bitcoin futures contracts.”

The much talked about exchange has multiple plans in its pipeline to make Bakkt the next big thing in the cryptocurrency industry. This ambition has also resulted in Bakkt deciding to launch a market maker to boost trading of its monthly contract. In a letter to the CFTC, Bakkt had said:

“The Exchange believes the new Program will incentivize additional liquidity and volume in the new Bakkt Bitcoin (USD) Monthly Futures Contract.”

On October 26, Bakkt had made headlines when it reached its all-time high in terms of volume. This occurred when Bitcoin had grown by more than 20 percent on the cryptocurrency charts. Bitcoin’s upward swing resulted in 1179 contracts being traded on ICE’s cryptocurrency exchange.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.