Bakkt, the <a href="https://twitter.com/BakktBot/status/1182201604990230530">ICE baked </a>Bitcoin's future exchange, traded 224 BTC in one day touching its all-time high. While it still can’t hold a candle to CME Group, the exchange’s volumes have steadily increased as of late. This can be a sign of demand for a novel product, increasing gradually. There was a lot of excitement on the verge of its launch, and many labeled Bakkt a flop project without looking at the bigger picture. But soon it dissipated when the exchanged started receiving overwhelming numbers. The Bitcoin price notably experienced a huge drop of 20%.

From 2018 onwards, the launch of Bakkt was the most hyped event in the cryptocurrency market. But that hype didn’t impact the price or the volume in the market. In fact, it suffered a double-digit drop just a day after its launch.

In the past week, Bakkt was seemed to be struggling. The second week of its trading showed a flat volume of 50 BTC per day which made many people wonder about the existence of Institutional Investors for Bitcoin.

However it feels like, the exchange is now rebounding its trading volume. On October 9<sup>th</sup>, The Bakkt posted an all-time high 224 BTC as daily trading volume. Just a day before the volume was 25 BTC (the lowest ever recorded), which makes it a 796% increase overnight. This volatility can be explained through Bitcoin’s own price movement.  As of October 9<sup>th</sup>, Bakkt’s last recorded price was $8582. Bitcoin is now currently trading at $8599 after an increase of 5.53% over the last 24 hours.

Now we have to see if Bakkt can keep up this momentum. As the exchange experienced a volume spike mainly because of <a href="https://www.cryptoknowmics.com/crypto/whales-predict-bitcoins-price-ripple-developer-site-russia-crypto-turmoil-bancor-us-ban/">Bitcoin's price</a> breakout, a serious down movement in the trading volume can be expected. So as of now, Bakkt seems to be an uncertain and unpredictable territory that yet doesn’t possess a dedicated group of traders.

Now we need to watch the market movement very cautiously as the current trading volumes are extremely volatile.

Bakkt touches 224 BTC, a smashing overnight increase of 796%

Debarati is a finance MBA who is a keen observer of the current crypto currency market. She likes to read and write about the game changer and industry transforming news of the market.

Bakkt touches 224 BTC, a smashing overnight increase of 796%

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