Bakkt Bitcoin futures exchange broke its previous record of $15.5 million. On 8th November, 1,756 Bitcoin Futures contracts were traded on the platform. The new record that it set on Friday is 30% higher than the previous daily volume record.
Bakkt picks up pace after a slow start.
Intercontinental Exchange backed Bakkt was launched on 24th September. The trading volume during the first weeks was not as much as everybody had expected. The launch of Bakkt was much-hyped as it looked promising that it will attract institutional investors. But contrary to everybody’s expectations, the first weeks for the exchange were underwhelming. Many experts had hailed the launch of Bakkt as a big step for the cryptocurrency industry.
But the volume on the exchange gradually increased and is constantly rising over the last few weeks. The current rise in the trading volume coincided with the drop in the price of the bitcoin. The price of the leading cryptocurrency slumped down to a six month low as it traded below $7,000 mark.
Bakkt all set to launch bitcoin futures contracts on Singapore ICE futures.
Earlier, the parent company of Bakkt, ICE, announced that the Bakkt Bitcoin Cash Settled Monthly Futures contracts would be listed on ICE Futures Singapore and cleared by ICE Clear Singapore. The exchange is regulated by the central bank of Singapore, The Monetary Authority of Singapore. The contracts will be settled against prices of Bakkt’s physically delivered bitcoin futures contracts.
According to the announcement, Bakkt Bitcoin Cash Settled Futures would be the first fully regulated futures market for digital assets.