{"id":400344,"date":"2019-10-02T18:00:18","date_gmt":"2019-10-02T18:00:18","guid":{"rendered":"https:\/\/wncen.com\/?p=400344"},"modified":"2020-08-13T15:00:39","modified_gmt":"2020-08-13T15:00:39","slug":"bakk-first-week-bitcoin-trading-volume","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bakk-first-week-bitcoin-trading-volume\/","title":{"rendered":"Bakkt First Week Volume Comparable to 4 Minutes Of Bitcoin Trading On Other Exchanges"},"content":{"rendered":"

Last week marked the long-anticipated arrival of Intercontinental Exchange\u2019s first foray into the crypto space with the launch of a Bitcoin futures trading desk called Bakkt<\/a>.<\/span><\/p>\n

And although the launch had been pitched by the crypto community as an event that would spark Bitcoin\u2019s next bull run, now that the dust has settled on the first week of trading on the platform, it\u2019s nothing short of a disappointment. In fact, according to data, the entire first week of trading volume amounted to roughly four minutes of Bitcoin<\/a> trading on other top crypto market exchanges.<\/span><\/p>\n

Bakkt First Week Underwhelms, A Drop in the Pan Compared to Bitcoin Exchanges<\/span><\/h2>\n
Bakkt<\/a>, the Bitcoin futures trading desk from the parent company of the New York Stock Exchange was supposed to be the spark responsible for lighting the fuse to Bitcoin\u2019s rocket to the moon and a new all-time high, is now accused of being the reason<\/a> for Bitcoin\u2019s recent price collapse that occurred less than 24 hours after Bakkt first launched.<\/span><\/p>\n
Related Reading | Bakkt Launch Could be Force Behind Recent Bitcoin Drop, Claims Research Group\u00a0<\/a><\/strong><\/em><\/p>\n
In the first week since Bakkt\u2019s launch, the platform only traded $6.5 million in Bitcoin contracts, according to The Block<\/a>\u2019s Director of Research Larry Cermak. Cermak points out that the abysmal volume is roughly the equivalent of 4 minutes of trading on BitMEX \u2013 a popular cryptocurrency exchange that recently was the focal point of a probe from the CFTC looking into the exchange allowing US investors to trade where they otherwise should be restricted.<\/span><\/p>\n
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Bakkt's first 7 trading days have been quite underwhelming. Total volume has so far been $6.5 million. Even though it's not very comparable, BitMEX does that kind of volume in less than 4 minutes. CME BTC futures in about 80 minutes. Long way to go pic.twitter.com\/Uf71fZKI0n<\/a><\/p>\n
— Larry Cermak (@lawmaster) October 2, 2019<\/a><\/p><\/blockquote>\n