The Bakkt Volume Bot (@BakktBot) reported that the exchange has today seen a record high for volume, so far moving $13.4 million worth of contracts. This is happening as the Bitcoin market slips to recent lows, currently holding just above $7,000.
Anyone who has been paying attention is aware that it has been a rough day for price action. Despite this, institutional futures platform Bakkt has announced some inspiring news:
BREAK: Bakkt volume at new all time high 🚀
Today's volume so far: 1863 BTC ($13.40)
— Bakkt Volume Bot (@BakktBot) November 22, 2019
Bakkt Truly Beginning to Pick Up Steam
As of just a couple of hours ago, the platform had already handled 1863 Bitcoin contracts. The previous All-Time-High was recorded just recently on November 8th and was to the tune of 1,756 Bitcoin. Clearly, this is showing that there is continued growth on the exchange despite market conditions.
BeInCrypto recently reported that despite a somewhat slow start, Bakkt was beginning to show the type of traction that investors had been hoping to see from the company. In conjunction with the announcement of cash-settled Futures Contracts that will soon be launching in Singapore, it looks like everything is coming up positive for the institutional platform.
Of course, not everyone could agree if this was a good thing for cryptocurrency or the market. Within minutes, claims of manipulation were being thrown around, as always happens when institutional money is brought up. Some cooler heads also stepped in to offer possible interpretations that don’t assume malevolent intent.
In my opinion Miners like selling on Bakkt,
But institutional buyers are avoiding physically Seattled platform because tax implications are not clear yet.
There no of contracts going up but price goes down.
Manipulation is not the only explanation
— Guru (@Guru69644847) November 22, 2019
Debate Continues If Institutions Good For Bitcoin
Even so, there were some users who showed legitimate concern that people were celebrating what they believe amounts to the high-jacking of cryptocurrency by Wall Street. In many ways, platforms like Bakkt run against the prevailing philosophies in the decentralized asset community.
Wish people would see how damaging Bakkt is for the space. Don't be fooled. Bakkt is run by bankers. Bankers are masters of manipulation. Bitcoin is no exception. They will shake this to the ground.
— Coinrated (@coinrated) November 22, 2019
Regardless of what this means for Bitcoin, it is fascinating to see Bakkt reaching new highs even at a time of such adversity in the market. It makes one excited about what might be achieved during the next true bull run. Detractors will continue to lament institutional interference in this space, but it could also be argued it is just this avenue that is needed to take cryptocurrency mainstream. Will Wall Street destroy Bitcoin or enhance it? This seems to be the beginning of the answer to that question.
Images courtesy of Twitter, Shutterstock.
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