Bakkt Explodes with 212 Contracts Traded Last Wednesday

Bakkt Explodes with 212 Contracts Traded Last Wednesday

 

After an extremely disappointing debut, Bakkt – the trading platform designed for institutional investors – is exploding in use, with the number of bitcoin futures contracts being traded having exploded by roughly 800 percent. Bakkt: A Late Start Leads to Massive Jumps

Bakkt was first introduced last year. Many claimed it would bring a whole new level of mainstream use and legitimacy to the cryptocurrency space, as it was designed for institutional traders and retailers who were curious about potentially accepting crypto as a means of payment.

Unfortunately, several delays got in the way of Bakkt’s release, which stopped it from being released until late September of this year. By then, it appears some of the hype and excitement ultimately died down because Bakkt opened its doors to mixed reception and traded less than 75 bitcoin futures contracts within the first 24 hours of business.

Many thought the platform was dead before it even arrived. Following the lack of positive reception, a crypto bloodbath occurred that caused currencies like bitcoin to lose more than $1,000 in just a matter of minutes. Several other mainstream cryptocurrencies followed suit, with tokens like ether dropping from the $190 range to about $157. Massive falls were recorded , and there was no answer regarding how to bring things back up.

Now, however, it appears Bakkt is suddenly catching on. The Intercontinental Exchange (ICO), which serves as the parent platform of Bakkt, reports that trading has increased by a whopping 796 percent over the past few days, […]