BitMEX volumes increased dramatically after the platform gained a lot of publicity from the launch of the Bitcoin futures platform Bakkt as we already found out in the latest cryptocurrency news below.
According to the latest data from the company, the 24-hour volume on September 23 hit 270,000 BTC while Bakkt’s only reached 71 BTC which is about $690,000. The giant gap inactivity is a major boost for BitMEX and the entire crypto industry in general. This was due to Vaneck digital asset director Gabor Gurbacs who commented on the statistics on social media. Bakkt finally launched this today after many months of speculation and delays as the executives tried to take it out regulatory hurdles. The commentators had suggested the event will move the Bitcoin markets significantly but after two days the BTC/USD pair continued to slope downwards.
The underwhelming Bitcoin price performance only prolonged the relative disappointment in Bakkt itself because the business saw a slow start than most of the users expected. On the first day, the platform saw a total of 71 futures contracts traded and the BitMEX volumes overthrew the new offering by more than 400,000 percent. The general opinion however among the commentators is that the real interest will pick up later on once everyone learns about the new platform. The fund manager of Three Arrows Capital CEO Su Zhu tweeted:
However, the general opinion among commentators is that real interest will only pick up later on.
“Bakkt will be likely first a trickle and then a flood. The reality is that most regulated futures contracts get low adoption on (day one) simply (because) not all futures brokers are ready to clear it, many (people) want to wait and see, the tickers are not even populated on risk systems, etc.”
Many others noted that this is only a slow start for the futures products and these products are the first to get hit the hardest on the market including the ones from the CME Group in December 2017. As per the coming altcoin news, their performance exploded and there are new records for daily volumes this year. Bitcoin noted the accumulation trend earlier this month since the investors also signaled a bullish price motion.
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