Bakkt hits new all-time high as Bitcoin trading volume jumps 796% in one day

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Bakkt hits new all-time high as Bitcoin trading volume jumps 796% in one day

Bitcoin futures exchange Bakkt hit a new all-time high on Wednesday as its trading volume soared by nearly 800% over the previous day.

In all, 224 Bitcoin contracts were traded for 1 BTC each and are worth an estimated US$1.9 million [AU$2.8 million] at current prices.

This marks a 796% increase over the previous day, when the exchange posted a dismal traded volume of just 25 BTC.

Bakkt’s lukewarm launch

Despite the hype that built up around the launch of the first physically-settled Bitcoin futures exchange, Bakkt’s trading volumes were underwhelming out of the gate, leading some members of the crypto community to question the interest of institutional investors.

On its first day, Bakkt traded just 72 BTC and although that figure more than doubled the following day, the numbers fell far short of expectations.

According to data compiled by @BakktBot, the first week trading volumes on the platform were as follows:

Trading on the platform didn’t improve going into October, in fact, they got worse, with volumes stagnating around 50 BTC for much of last week.

At press time, 94 contracts have been traded so far today, with the last one trading at $8,587.50.

It remains to be seen whether Wednesday’s spike was merely an outlier or a sign of things to come.

Did Bitcoin prices affect Bakkt volumes or vice versa?

The surge in Bakkt’s trading volume is likely due in large part to a corresponding jump in the price of Bitcoin.

Following a slow decline from $8,179 to $7,923 over the weekend, Bitcoin is once again showing signs of life with not one, but two $400+ price jumps in as many days.

On Monday the price of Bitcoin jumped more than $416 – from $7,911 to $8,327 – over the course of the day.

This was followed by a second, larger jump on Tuesday when Bitcoin climbed from $8,196 to $8,625 in just five hours – a gain of $429.

Bitcoin is currently trading at around $8,552 according to CoinMarketCap.