Bakkt,
the Bitcoin institutional trading platform (BTC), is on its way to triple its
highest trading volume of all time after reaching new records last week.
Bakkt
leads China's advertising campaign
According
to data from the Bakkt Volume Bot monitoring resource, based on Twitter, on
October 26, Bakkt traded 1,183 Bitcoin futures contracts, or 1,183 BTC (USD 11
million) on Friday.
Compared
to the 331 contracts (USD 3.1 million) on Thursday, the increase in just 24
hours was 257%, dwarfing previous jumps, which in turn had resulted in
historical highs at the beginning of October.
At the
closing time of Monday, the daily trade amounted to 240 BTC (USD 2.3 million),
and most of the trading day was yet to come.
Bakkt's
performance clearly benefited from the news that China had officially adopted
blockchain technology. When it broke at the end of last week, Bitcoin reacted
immediately, reaching the local highs of USD 10,500.
Novogratz:
custody to feed the interests
However,
compared to its launch in September, Bakkt's success is even more remarkable.
As Cointelegraph reported at the time, opinions were divided as to Bakkt's
futures: only 71 BTC were traded on the first day (around USD 700,000 at that
time).
Subsequently,
Bitcoin price volatility was subject to field criticism by the company, which
put pressure on the markets. An executive told the media that, on the contrary,
Bakkt futures were helping to discover Bitcoin prices.
In the
near future, industry players believe that institutional tools will continue to
support Bitcoin. In particular, the emergence of custody solutions for
investors should stimulate the additional influx, forecast by serial investor
Mike Novogratz in an interview last week.
Bakkt
prepares to debut with a custody service, having announced the trade in regulated
Bitcoin options on Wednesday. Novogratz is also bringing his to the market.
SOURCE: Cointelegraph
