THELOGICALINDIAN - Bakkt clearly accepted that its bitcoin futures aggregate accomplished a new almanac aerial on December 19 at 6226 affairs In USD agreement that is about 44 actor on a distinct day
Yesterday we set a new aggregate record:
6,226 physically delivered Bakkt Bitcoin Futures affairs traded at ICE Futures U.S.
— Bakkt (@Bakkt) December 19, 2019
Around the aforementioned period, the bitcoin amount acicular to added than $7,400 beyond above cryptocurrency exchanges like BitMEX and Binance.
Was it a coincidence?
On a circadian basis, both Binance and BitMEX almanac volumes in the ambit of $300 actor to $1 billion. Yesterday, for instance, Binance saw about 95,000 BTC traded, account able-bodied over $600 million.
Given that Bakkt’s almanac aerial volume accounts for about 10 percent of the accustomed circadian aggregate of Binance, it is difficult to say that Bakkt has a cogent appulse on the concise amount trend of bitcoin.
It is additionally adamantine to actually accompaniment that the acceleration in the bitcoin amount on above cryptocurrency trading platforms are anon causing Bakkt aggregate to access as it targets a altered broker abject in accepted and institutional investors.
Rather, Bakkt’s advance in aggregate shows two above factors that boosts the concise angle of bitcoin: acceleration in institutional appeal and all-embracing sentiment.
Why the bitcoin bazaar reacted with optimism
The able upside movement the bitcoin bazaar saw on Wednesday carries added weight than aloof a abatement rally.
The move itself was best acceptable a abbreviate clasp as abbreviate affairs ample up on both BitMEX and Binance to about-face both allotment ante to negative.
But, it crucially prevented BTC from bottomward to abundant lower levels, potentially in the $5,000s as the ascendant cryptocurrency faced acute affairs pressure.
It was additionally on the bend of testing an important abutment akin which BTC has dedicated almost able-bodied back 2024.
As such, the acknowledgment from traders during a analytical appearance that could behest the medium-term trend of bitcoin led to cogent absorption beyond assorted trading platforms.
According to Skew Research, the circadian aggregate of CME additionally saw a ample spike, ascent to as aerial as $500 million.
