Bitcoin may be at its lowest price since May, but that isn’t scaring institutional investors away as Bakkt futures exchange hits a new all-time trading volume high.
The world’s most popular cryptocurrency took a savage beating this week, losing more than US$1,000 [AU$1,473] since Sunday.
Altcoins have likewise taken a header, with several of the top alts losing 15% or more over the week:
- Ethereum (ETH) -15.97%
- Bitcoin Cash (BCH) -20.40%
- Litecoin (LTC) -16.96%
- Binance Coin (BNB) -22.69%
- Bitcoin SV (BSV) -21.37%
- Tron (TRX) -22.45%
But there is good news coming out of this week’s bloodbath.
Bakkt breaks records – again
U.S.-based Bitcoin futures exchange Bakkt has had a record-setting day today, with 2,735 contracts changing hands at 1 BTC apiece, for a new all-time high (ATH) daily trading volume of $19.85 million at current prices.
Bakkt breaks records – again (Intercontinental Exchange)
Launched to great fanfare in September of this year, Bakkt stumbled out of the gate with an average daily trading volume of just 125 Bitcoins.
Bakkt fared better in October, posting not one, but two, new all-time highs.
On October 10, trading volume on the exchange jumped more than 790% over the previous day, with 212 contract changing hands.
Just two weeks later, Bakkt shattered its previous high by more than 178% with a trading volume of 590 Bitcoins.
The exchange set yet another record earlier this month, posting a daily trading volume of 1,756 BTC on November 8 and beating its previous ATH by more than 197%.
Today we set a new daily record of 1,756 Bakkt Bitcoin Futures contracts traded
— Bakkt (@Bakkt) November 8, 2019
Are investors ‘buying the dip’ or making it?
The significance of today’s trading activity on Bakkt isn’t lost on the crypto community, though its interpretation varies depending on who you talk to.
There appear to be two schools of thought on the matter.
The first is that it is an indication that institutional investors are gaining confidence in Bitcoin and they have finally learned what so many of us have known for years – when prices drop you (all together, now!) BUY THE DIP!
Bakkt sets new all-time high in Bitcoin trading volume in a day
Institutional investors are buying the dip! pic.twitter.com/p8EF8kLKDU
— Mia Tam (@_blockandchain_) November 22, 2019
I see that Bakkt volume finally took off. It looks like the old boys were waiting for a nice dip
Hopefully they are holding good spot and fancy a moon mission now.
— Crypto Guy (@Crypto_Guy_UK) October 26, 2019
The second is that those same institutional investors are actually causing the price drop.
Idiots on this post think this is bullish because they interpret this as “buying the dip” – when in fact it’s liquidations.
It’s important to understand.@Bakkt $BTC $XRP https://t.co/v6T8X1UykB
— Knuckle-dragger (@UndeniablyWise) November 22, 2019
Fuck off.. thanks for ruining a once organic market. Thanks for ruining #bitcoin. #fuckbakkt Bakkt = manipulation.
— Łitecoin Furby (@LitecoinFurby) November 22, 2019
Do you think that institutional investors are manipulating the price of Bitcoin or are they just ‘buying the dip’? Keep the conversation going on Twitter and let us know!
The post Bakkt hits new all-time high as Bitcoin investors ‘buy the dip’ appeared first on Micky.