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Home Cryptocurrency news Bitcoin

Bakkt To The Futures: Last Year’s Hottest Bitcoin Platform Breaks All-Time

Tony Spilotro by Tony Spilotro
4 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
bitcoin bakkt to the future

Adelaide, Australia - September 7, 2013: DeLorean DMC-12 car with opened doors parked on street near shed

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A blast from Bitcoin’s past is making a comeback, reaching a new all-time highs trading volume after abysmal launch turnout sent the cryptocurrency’s price tumbling last year.

What’s going on with Bakkt that suddenly has its Bitcoin Futures trading desk soaring in trading activity?

Bakkt The Truck Up: Remembering The Reason For Crypto’s 2019 Collapse

Last year, Bitcoin’s safe haven narrative first took shape, as the cryptocurrency began to rally alongside gold as tensions mounted between the US and China.

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Little did investors know, those buying up those safe haven assets then were actually preparing for a pandemic and hyperinflation as a result of the stimulus efforts to battle it.

Related Reading | These Key Levels And Dates Could Invalidate Bitcoin’s Stock-To-Flow Model

Regardless of the outcome this year, last year’s Bitcoin rally turned out to be a dud in the end. And support at $10,000 then was ultimately lost due to the launch of the much anticipated Bakkt Future trading desk, falling on its face.

The Intercontinental Exchange owned, physically delivered Bitcoin Futures contracts platform was to be the next big thing to hit crypto, that was said to open the flood gates to institutional adoption.

Except when the platform launched, there was barely trace of activity. Bitcoin price plunged through $10,000 after weeks of trading above it, and it has taken until now to get back above.

Bakkt bitcoin futures breaks another all-time-high! pic.twitter.com/T9cu0MD4r8

— Unfolded (@cryptounfolded) September 18, 2020

Why Is Trading Volume Surging On The Bitcoin Futures Trading Desk?

But Bitcoin price is back above $10,000, and a year later here we are. At the same time, however, Bakkt trading volume is rising, and has even set a new all-time high of over $175 million in trading volume.

It’s not clear why there’s suddenly interest in Bitcoin on Bakkt, after a year of stagnancy. However, all growth needs to begin somewhere, and it is possible it has taken this long for institutions to get onboarded and take notice of the platform.

Related Reading | Bitcoin Crossroads Made Clear By Two Remaining Lines in The Sand

Or perhaps, it’s the recent move from hedge fund managers, and even corporations like MicroStrategy who are hedging against the coming inflation, that has inspired traders on Bakkt to place bets on Bitcoin through Futures contracts.

bitcoin bakkt futures launch date and performance

BTCUSD Bakkt Launch September 23 & Losing $10,000 Support | Source: TradingView

Interestingly, Bakkt reaching all-time high comes just after Bitcoin price retestied the exact support level, to the candle, that was lost on September 23 when Bakkt first launched.

That line, has acted as the crypto asset’s strongest resistance yet, and thus far, it has held this time as support.  If it continues to hold, Bitcoin may see a new all-time high alongside Bakkt’s surging record trading volumes.

Tags: bakktBakkt Bitcoin FuturesbitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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