Although the price of Bitcoin dumped below $9000 mark, Bakkt’s physically-settled bitcoin futures contracts witnessed a new record volume which is reportedly the largest trading volume thus far.

Revealed via a Twitter bot account of Bakkt (a twitter account dedicated to sharing updates regarding Bakkt), the platform has seen 1741 BTC worth of contracts traded on November 08, 2019. A similar update was also shared by Bakkt via its official twitter account by writing; “Today we set a new daily record of 1756 Bakkt Bitcoin Futures Contracts traded”.

While one is showing the bullish sentiments, another one is profoundly on a bearish level. With that being said, Bitcoin tanks below $9000 at the time of reporting. As per the data provided by Coinmarketcap (CMC), the token is currently bleeding 2.09 percent of its value within the past 24Hrs and trading at the value of $8,873 against USD. As Bitcoin failed to catch up the mark of $10000 and coupled with bearish metrics, Bitcoin critic Peter Schiff didn’t miss a chance to mock bitcoin by tweeting;

“It looks like the #Bitcoin pump is finally over. Get ready for the dump! … Keep dreaming. Bitcoin is never going to hit $100,000!”

Alongside Bitcoin, other alternative cryptocurrencies also performing on a lower graph, in fact, there wasn’t any promising surge this week among leading cryptocurrencies. On the other hand, Bakkt’s futures trading contract on Friday is named as the new all-time high with 452 contracts.

In a nutshell, Bakkt’s news quietly signifies the bullishness of institutional investors but remained to reflect over BTC’s price. However, as per the market analyzer Skew on Twitter, the crowning cryptocurrency is still up 130% since the beginning of 2019. Skew tweeted bullishly;

Image Source – Flickr

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

You May Also Like

DIA, A Project Creating The Decentralized Wikipedia For Financial Data, Announces Distribution Of Governance Tokens

On August 3, 2020, the DIA or the Decentralized Information Asset project, announced that it has…

Bitcoin Price and XRP Price, Arguing The XRP Bullish Case Based On Trends

Bitcoin ( BTC ) Current Price: $8,000 Last 7 Days: -0.78%  Last 30…
Bitcoin Scams

Texas Securities Commission Sends Cease And Desist Letter To “Bitcoin Pope”

The Texas Securities Commission recently issues a cease and desist order to Eric Darwin…

How PayPal’s Entry Into The Crypto Market Could Affect Square’s Business

Speculation has been rife that PayPal could start to support crypto transactions…

Crypto Custody Provider BitGo Now Offers Insurance Coverage Above $100 Million

On BitGo, users’ funds are already insured up to $100 million. It…

VeChain Proposes Way to Stop Hacker from Cashing Stolen Coins

On December 13, about 1.1 billion VET tokens worth around $6.3 million…

Chainlink is Attracting Major Firms: Oracle’s Startup Arm Reveals 20 Firms Using API For Smart Contracts

Oracle, the giant tech firm, made headlines in June when it announced…

Report Claims Asset Management Could be the Most Impactful Use of the Blockchain

A New report published by ConsenSys claims that the blockchain could help to revolutionize…

Cryptocurrency Markets Add $32 Billion As Bitcoin Takes On The US Dollar

Crypto markets soared last week as Bitcoin rallied with other large cap…

One of South Korea’s Largest Firms Kakao Has A Crypto Making its Exchange Debut on Upbit

A recent report in the Korean Times indicates that the Klay crypto coin will…