Institutional Bitcoin trading platform Bakkt is on course to treble its all-time high for trade volume after hitting new records last week.
According to data from Twitter-based monitoring resource Bakkt Volume Bot on Oct. 26, Bakkt traded 1,183 Bitcoin futures contracts, or 1,183 BTC on Friday.
At press time Monday, daily trading amounted to 240 BTC, with the majority of the trading day still to come.
Bakkt's performance clearly benefited from the news that China had opted to officially embrace blockchain technology.
Compared to its launch in September, Bakkt's success is all the more remarkable.
As Cointelegraph reported at the time, opinions were split on Bakkt's futures - day one saw just 71 BTC traded.
Thereafter, Bitcoin price volatility saw the company field criticism it was pressuring markets.
One executive told mainstream media that conversely, Bakkt futures were helping Bitcoin price discovery.
In the near future, industry players believe institutional tools will continue to support Bitcoin.
Bakkt is preparing to debut a custody service, having announced Bitcoin regulated options trading on Wednesday.
Bakkt's Bitcoin Futures Volume Explodes 260% to Trade $11M in 24 Hours
Published on Oct 28, 2019
by Cointele | Published on Coinage
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