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;
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