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Bakkt Sets Record Volume For Bitcoin Futures

29 July 2020 17:27, UTC
Bakkt Sets Record Volume For Bitcoin Futures
By Anna Martynova

The recent rise in the value of bitcoin has caused an increase in transactions on the network and many well-known exchanges have set new all-time highs. There has also been a surge in derivatives markets such as CME Group and Bakkt. Bitcoin trading volume was set by CME Group at $1,586,928,238, Bakkt at $151,041,274.

At the beginning of the year, the average daily volume on the exchange for Bitcoin futures was 1,726 BTC, however, 11,509 BTC futures contracts were registered on Monday. Market leaders such as Huobi, Binance, and OKEx report that BTC futures have stood at around $10 bln in the last 24 hours.

The increase in the daily volume of BTC futures contracts can be due to many reasons, one of which is the rise in the Bitcoin price, as well as recent news from the US Office of Controller of the Currency (OCC). Under the new decision, US banks can now offer digital asset custody to investors. This means that many institutional investors who were skeptical about the cryptocurrency industry are now trying to enter the market as soon as possible.



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