{"id":407883,"date":"2019-12-18T22:00:00","date_gmt":"2019-12-18T22:00:00","guid":{"rendered":"https:\/\/wncen.com\/?p=407883"},"modified":"2024-06-11T13:35:28","modified_gmt":"2024-06-11T13:35:28","slug":"breaking-as-bitcoin-reclaims-7000-bakkt-volume-sets-high","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/breaking-as-bitcoin-reclaims-7000-bakkt-volume-sets-high\/","title":{"rendered":"Breaking: As Bitcoin Reclaims $7,000, Bakkt Volume Explodes to New High"},"content":{"rendered":"
The past three days have been an absolute whirlwind for Bitcoin, with the price of the leading cryptocurrency whipping between $7,150, $6,400, and everywhere in between, seemingly without rhyme or reason.<\/p>\n
This latest bout of volatility hasn’t gone unnoticed. Institutions trading cryptocurrencies have picked up on this, with reports indicating that Bakkt’s BTC volumes have hit an all-time high amid the latest move.<\/p>\n
According to Bakkt Volume Bot<\/a>, a Twitter bot tracking the market activity of Bakkt’s Bitcoin derivatives market, the volume the exchange has seen during Wednesday’s trading session so far has surmounted 5,690 BTC \u2014 a sum valued at $39.8 million as of the time of writing this article.<\/p>\n https:\/\/twitter.com\/BakktBot\/status\/46543362<\/p>\n Bakkt’s rocketing volumes come hot on the heels of other reports from the volume bot which indicate that open interest in the derivatives contracts has recently passed $6 million \u2014 a sign, some say, that institutions are gaining interest in the cryptocurrency market, which itself is a long-term bullish sign.<\/p>\n This explosion in Bakkt’s volume comes as Bitcoin has been subject to a strong bout of volatility, which recently culminated in a move from $6,400 to as high as $7,200<\/a> \u2014 a 12% range \u2014 in under eight hours.<\/p>\n Per previous reports from NewsBTC<\/a>, this latest bounce has resulted in Bitcoin forming a bullish engulfing candle on its daily chart. This would indicate that a stronger reversal is likely.<\/p>\n That’s not all. We yesterday reported that according to Thomas Thornton, a hedge fund services specialist and market analyst, a Bloomberg chart of Bitcoin with the TD Sequential Combo indicator suggests<\/a> that BTC\u2019s current candle is on a \u201cbuy 13.\u201d This indicates an extended reversal to the upside has a high probability of playing out.<\/p>\n <\/p>\n The past three days have been an absolute whirlwind for Bitcoin, with the price of the leading cryptocurrency whipping between $7,150, $6,400, and everywhere in between, seemingly without rhyme or reason. Related Reading: Goldbug Peter Schiff Calls For Bitcoin To Close 2019 at A Loss This latest bout of volatility hasn’t gone unnoticed. Institutions trading cryptocurrencies have picked up on this, with reports indicating that Bakkt’s BTC volumes have hit an all-time high amid the latest move. Bakkt’s Bitcoin Futures Gain Traction According to Bakkt Volume Bot, a Twitter bot tracking the market activity of Bakkt’s Bitcoin derivatives market, the volume the exchange has seen during Wednesday’s trading session so far has surmounted 5,690 BTC \u2014 a sum valued at $39.8 million as of the time of writing this article. https:\/\/twitter.com\/BakktBot\/status\/46543362 Bakkt’s rocketing volumes come hot on the heels of other reports from the volume bot which indicate that open interest in the derivatives contracts has recently passed $6 million \u2014 a sign, some say, that institutions are gaining interest in the cryptocurrency market, which itself is a long-term bullish sign. BTC Bounces Back This explosion in Bakkt’s volume comes as Bitcoin has been subject to a strong bout of volatility, which recently culminated in a move from $6,400 to as high as $7,200 \u2014 a 12% range \u2014 in under eight hours. Per previous reports from NewsBTC, this latest bounce has resulted in Bitcoin forming a bullish engulfing candle on its daily chart. This would indicate that a stronger reversal is likely. That’s not all. We yesterday reported that according to Thomas Thornton, a hedge fund services specialist and market analyst, a Bloomberg chart of Bitcoin with the TD Sequential Combo indicator suggests that BTC\u2019s current candle is on a \u201cbuy 13.\u201d This indicates an extended reversal to the upside has a high probability of playing out. Related Reading: Why Bitcoin is Perfectly on Track for Parabolic Cycle Despite 50% Drop Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":403160,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[15782,428,1558,2887],"class_list":["post-407883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bakkt","tag-bitcoin","tag-cryptocurrency","tag-market"],"acf":[],"yoast_head":"\nBTC Bounces Back<\/h2>\n
Related Reading: Why Bitcoin is Perfectly on Track for Parabolic Cycle Despite 50% Drop<\/a><\/h6>\n
Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"