The past three days were shocking for the market – and we could see nothing but failures to sustain levels and more bottoms established by many coins. The situation is different in today’s cryptocurrency news and as Bitcoin reclaims the $7,000 position again, we can see that the Bakkt volume explodes to new highs.
This is a standard thing, actually, knowing that the market is in the green. The latest bout of volatility definitely did not go unnoticed. Institutions have picked up on this and Bakkt’s BTC volumes are now hitting an all-time high with the latest move.
According to the Twitter profile Bakkt Volume Bot, we can see that the Bakkt volume explodes and the bot tracking the derivatives market has clearly shown that. The exchange has seen a great Wednesday trading session and managed to ramp up its BTC to a total of 5,690 BTC – a sum that is valued at $39.8 million at the time of writing this article.
BREAK: Bakkt volume just broke all time high 🚀
Today's volume so far: 5690 BTC ($39.80 million)
— Bakkt Volume Bot (@BakktBot) December 18, 2019
Meanwhile, we can also see that Bakkt’s rocketing volumes come hot on the heels of other reports from the volume bot which now indicate that open interest in the derivatives contracts has passed $6 million recently. This, as many said, is a sign that institutions are gaining interest in the cryptocurrency market which is definitely a bullish sign.
The surge in Bakkt’s volume comes at the right time when Bitcoin has been subject to a strong bout of volatility. As the Bakkt volume explodes, we can see that it moved from $6,400 to as high as $7,200 which is a 12% range in under eight hours.
Previous reports in our Bitcoin price news showed that the latest bounce has resulted in Bitcoin forming a bullish candle on its daily chart. This would obviously indicate that a stronger reversal is very likely at this point.
We already listed the scenarios which are indicating that a bottom was formed and that from now on, cryptocurrencies could rise. However, even this is uncertain at this point. According to Thomas Thrnton who is a hedge fund services specialist and market analyst, a Bloomberg chart of Bitcoin with the TD Sequential Combo indicator suggests that BTC’s current candle is on a “buy 13.” This indicates an extended reversal to the upside, as the latest news show.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]