Friday, February 3, 2023
No Result
View All Result
CONTACT
First Crypto News
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
No Result
View All Result
First Crypto News
No Result
View All Result

Bakkt Sets New Trading Volume Record With Over 1,700 Bitcoin Futures Contracts While BTC Flounders Below $9,000

by firstcryptonews
November 12, 2019
in News
Bakkt Sets New Trading Volume Record With Over 1,700 Bitcoin Futures Contracts While BTC Flounders Below $9,000

Bakkt may have started on a low note when it was launched on September 23, but it has slowly picked up the pace and is setting new records every so often. Now yesterday, Bakkt hit a new all-time-high as bitcoin slipped below $9,000. At press time, the top crypto is trading at $8,862, down 2.18% on the day while its market cap stands at $159.86 billion.

Bitcoin Slides Below $9,000 For The First Time In 14 Days
Bitcoin plunged by more than 5% on Friday, sliding below the psychological $9,000 mark. All week, bitcoin had been stalling around the $9,200 range, indecisive about the next move to take. On Friday, BTC made a move, although it is not what many were hoping for. Bitcoin slid to as low as $8,600 but has since recovered slightly. However, analysts are still uncertain about the potential catalyst(s) needed to jumpstart the recovery above $9,000.

A slew of narratives and responses have since emerged regarding bitcoin’s move below $9,000.

According to some watchers, this drop was as a result of margin calls causing liquidation and thus increasing the selling pressure. For others, the decision by the Fed to pause on the rate cuts after three cuts in a row has reduced the demand for bitcoin as a potential hedge.

The always bitcoin-bearish gold bug Peter Schiff did not pass this chance to throw in his bearish sentiment. The CEO of Euro Pacific Capital took to Twitter to mock the 5% drop, stating:

“It looks like the #Bitcoin pump is over. Get ready for the dump!”

In a bid to completely destroy the hopes of bitcoin enthusiasts, he shared another gloom and doom prediction for the largest cryptocurrency:

“Keep dreaming. Bitcoin is never going to hit $100,000,” he wrote in a separate tweet.

But it seems bitcoin is not the only asset that has had a rough week. The price of gold – Schiff’s asset of choice – is also declining owing to the growing trade optimism over the US and China trade negotiations which have increased investors’ appetite for riskier trade assets.

Bakkt Is On A Roll
As bitcoin unexpectedly dropped below $9,000 yesterday, Bakkt trading volume posted a new all-time high. On Friday, Bakkt set a new all-time high with 1756 bitcoin futures contracts. While this is not incredibly high, it shows that institutional investors are beginning to seriously take long positions of bitcoin.

Such institutional investors have long been considered as part of the cryptocurrency holy trinity of mass crypto adoption alongside approval from governments and increased retail interest.

Interestingly enough, the piquing interest in bitcoin by institutional investors can be seen across the board. Besides Bakkt, the Chicago Mercantile Exchange (CME) has also been making a splash this month. Moreover, bitcoin futures contracts on the platform have more than doubled since the third quarter of 2018.

On the flip side, the new record set on Bakkt bitcoin futures contracts indicates that there is a surging level of demand for bitcoin by institutional investors despite the recent slump.

Related Posts

Interest-Bearing Bonds-Backed Tokens: Generate yield using tokens backed by sovereign bonds

Interest-Bearing Bonds-Backed Tokens: Generate yield using tokens backed by sovereign bonds

by firstcryptonews
January 16, 2023
0

Vaduz, Liechtenstein. Decentralized Finance Innovator Mimo is launching “KUMA Protocol”: the first DeFi protocol issuing tokens backed by regulated NFTs, themselves...

The Connecter 4.0- The World’s First Decentralized Bottom-Up Economy

The Connecter 4.0- The World’s First Decentralized Bottom-Up Economy

by firstcryptonews
June 18, 2022
0

The Connecter is an entire decentralized platform comprising of 4 fundamental elements that together create an ecosystem- The Connecter banking,...

DX Cup – Soccer Metaverse

DX Cup – Soccer Metaverse

by firstcryptonews
March 31, 2022
0

Despite the varying geographical and political situations in different parts of the world, if there’s anything that has remained consistent...

KAZANO The currency that changes the market rules of the crypto in the world

KAZANO The currency that changes the market rules of the crypto in the world

by firstcryptonews
January 22, 2022
0

KAZANO Currency Brief Overview 1 What is the casino currency 2 What he came to solve 3 What market is...

unime

Why you’re a LOSER if you use Facebook!

by firstcryptonews
October 12, 2021
0

Facebook, Instagram and the widely-used WhatsApp messaging service all broke at the same time. Complete radio silence. The reason is...

Top Secure Encrypted Messaging Apps in 2021

Top Secure Encrypted Messaging Apps in 2021

by firstcryptonews
October 6, 2021
0

Are you using the secure messaging app? Specifically, one of those apps uses encrypted messaging. It will help you prevent...

Next Post
Crypto Markets Enter ‘Fear Territory’ As Bitcoin Bulls Strive For $9,000

Crypto Markets Enter ‘Fear Territory’ As Bitcoin Bulls Strive For $9,000

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

 Fastest Blockchain Ever !! MOJAIK

 Fastest Blockchain Ever !! MOJAIK

3 months ago
Dogestyle

DogeStyle: The Ultimate Meme Currency With an NFT Twist

1 year ago
Super8 Coin : Move Super8 in a second for less than a cent.

Super8 Coin : Move Super8 in a second for less than a cent.

3 years ago
Crypto Arcade: A Bridge Between Arcade Gaming & the Blockchain Ecosystem

Crypto Arcade: A Bridge Between Arcade Gaming & the Blockchain Ecosystem

11 months ago
The Beverly Hills Car Club

Crypto’s New Automobile Collection Is Getting Ready for a Moon Launch

1 year ago
Facebook’s GlobalCoin is a Threat to XRP and LTC: Max Keiser

Facebook’s GlobalCoin is a Threat to XRP and LTC: Max Keiser

4 years ago

First Crypto News

First Crypto News

First Crypto News is the Fastest Crypto News Portal. We Bring the Best and We Bring it Fast.

Bitcoin

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

June 21, 2021

Recent News

Interest-Bearing Bonds-Backed Tokens: Generate yield using tokens backed by sovereign bonds

Interest-Bearing Bonds-Backed Tokens: Generate yield using tokens backed by sovereign bonds

January 16, 2023

Press Release

BitConey Token – Simple yet innovative game reward token to reach masses and has a massive growth potential

BitConey Token – Simple yet innovative game reward token to reach masses and has a massive growth potential

February 2, 2023

© 2020 First Crypto News

No Result
View All Result
  • Home
  • World
  • Science
  • Tech

© 2020 First Crypto News