Bakkt Bitcoin Volumes Top $10 Million

By November 7, 2019 Bitcoin Business
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Bitcoin volumes on Bakkt, a bitcoin settled futures platform run by NYSE’s parent company, are now reaching around $10 million a day.

As can be seen above, an all time high was reached in late October, with it picking steam again in the past two days.

Today, some 430 bitcoins have exchanged hands, worth about $4 million, with the trading day still having plenty to go.

The bitcoin settled futures began somewhat slowly for the first month after they launched in September, but it began to gain steam late last month.

Interestingly that rise in volumes, on or around the 25th of October, coincides with a big jump in bitcoin’s price by some $3,000 at one point on that day.

That was soon after the not-backed CME fiat futures expired, with it unclear whether this rise in Bakkt volumes and bitcoin’s price has a causative relationship.

Unlike CME, which never touches actual bitcoin, Bakkt delivers the coins once the contract expires either daily or monthly.

Meaning Bakkt is an actual exchange with its own market and its own order-book, while CME’s price is based on Coinbase and other crypto exchanges.

Both are targeted more towards institutional investors, but while CME is just betting, Bakkt has a whole vision.

They plan to open their platform to ordinary individuals who can buy and sell bitcoins just like on Coinbase, with a Starbucks partnership then allowing these individuals to pay for coffee, or avocado toast, with bitcoin.

The design is likely one where the bitcoin movements don’t quite touch the blockchain as both the payer and the merchant would have an account with Bakkt. So they’d just move ownership in their own database unless the customer or the merchant wants to withdraw.

Meaning there wouldn’t be much problem with scalability and the like as the design gets around it through a fairly wholistic offering for payments.

That hasn’t launched yet, it’s to launch by summer next year, with Starbucks as the “first launch partner.”

Copyrights Trustnodes.com

As can be seen above, an all time […]

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