The Bakkt BTC trading volumes surpassed 350 BTC today, exceeding the 1,000 thresholds by the end of the day as the bitcoin price lost more than $500 in just a few minutes. The institutional investors saw an opportunity and we are about to find out some more in the Bitcoin news updates.
While it is very difficult to understand the reasons behind the BTC flash crash, the institutional investors are in a hurry to purchase the cryptocurrencies at a discount price. The largest crypto by market cap crashed over $500 or more than 9% over the day in a surprising flash crash. After the hours from the crash, Twitter user Bakkt Volume Bot explained that the Bakkt BTC trading volumes increased at 8 BTC at the time. It was expected for a total of 58 BTC increase at the end of the day.
However, the flash crash raised the investors’ appetite so much that the volume on Bakkt exceeded the daily forecasts by about five times in less than two hours. Shortly after the drop in BTC price, the Bakkt Volume Bot announced that the daily volume reached 296 BTC at the time, predicting a crazy figure of 1139 BTC. For example, yesterday, the trading volume on Bakkt was 85 BTC which is a 77 percent increase from Monday.
As it usually, the trading volume on other exchanges increased as well. However, while the Bakkt volumes increase thanks to the buyers, some of the other exchanges might have been in a completely different situation since they have to liquidate very long positions. On BitMEX, the long positions were worth about $200 million which have been later liquidated during the last 6 hours. On other exchanges, the liquidated shorts were worth $43,000 for the same period. The reason behind these massive liquidations of long positions is that the traders were taken by surprise by the major flash crash of the price.
Despite the BTC crash, the cryptocurrency has still managed to prove that it is the only digital asset that proves to be a store of value over the last ten years. The price is now relatively stable but in the upcoming days, we will see whether it will move upwards slightly or go down again.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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