The Great China Pump of 2019 or The Xi Effect, whatever you name it, this phenomenon has been beneficial for Bitcoin and other Altcoins. Bitcoin price had seen a great surge of 40% within 24hrs of the announcement. Bakkt bitcoin futures trading has also seen remarkable trading numbers since then.
Bakkt twitter robot, Bakkt Volume Bot reported that October 25, 2019, saw a total of $10 million USD, it’s an all-time high, bitcoin trading on the platform. The numbers are showing positive signs since then after a long bearish period. This Wednesday. the trading volume set a new record. The traded contracts on the platform reached a record of 1183. The platform is set to set a new record for Bitcoin trading. At the current pace, Bakkt could trade over $200 million in BTC futures contracts this November.
It is interesting to note that Bakkt had filed for a liquidity incentive program rule change (to begin on Nov 1) to boost volumes in October. The volume surged a day after that i.e. Oct 23, 2019. The exact reason for the price rise is not known. However, it can be said that Bakkt’s growing metrics is a good sign for the platform’s future.
Coincidently, the Chicago Mercantile Exchange’s Bitcoin futures market has also set a record, reaching around 1,300 BTC worth of contracts. Also, the Binance platform sees $970 million per day Bitcoin trading. Bakkt platform has to gear up if it wants to compete with Binance.