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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

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

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
bitcoin bakkt to the future

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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.

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.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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