ICE backed company, Bakkt reported a new record in its Bakkt Bitcoin Futures traded in two days. “Talk about momentum! We beat yesterday’s record with 11,706 Bakkt Bitcoin Futures traded today – that’s over $125MM of bitcoin,” the company tweeted.
Bakkt primarily serves as a Bitcoin futures trading platform for institutional investors willing to invest in the crypto market. Besides that, the company offers services of converting all kinds of digital assets into fiat.
Its Bitcoin futures can be used as a measure of what to expect in the near future in terms of BTC market price. This helps in stabilizing the crypto industry that is heavily dominated by speculative trading and price manipulation.
With cryptocurrencies gearing upon an anticipated wave, the rise in Bakkt Bitcoin Futures is a clear indication that a bull rally is here.
On Monday, the company had reported its Bitcoin futures market at a new all-time daily high of 11,509 BTC.
With the figures toppled, Bitcoiners can be assured that the future is more propitious despite the pandemic shortcomings.
The surge in institutional investors flocking into the crypto industry has also been observed by the Chicago Mercantile Exchange (CME), which has way higher volume than Bakkt.
As regulations in the crypto industry become more defined, institutional investors including hedge fund managers are getting more certain with crypto assets.
Bitcoin is set to benefit from the ongoing world turmoil in various ways. One, with huge economies like the EU, the United States, and even China injecting markets with more printed fiat, high inflation will catch up with the value soon.
This might not appear rapidly as the demand for the US dollar is currently low as most business sectors revive back to normalcy. However, the huge inflation rate with time will cause the dollar value to crash hard, as investors seek safe havens like precious metals and presumably crypto assets led by Bitcoin.
With Bitcoin and other top digital assets having a known inflation rate governed by set rules, its value will definitely sail in the near prospect.
On the other hand, Bitcoin will largely avail from the pandemic as digital transactions take center stage in global markets.