Crypto Platform Bakkt Smashes Record As Bitcoin Rallies, Eyes Regulated Options for BTC Futures
Bitcoin futures trading platform Bakkt has set a new record. The New York-based platform is sustaining its recent strong performance, dramatically picking up steam after a sluggish start in September.
Bakkt has traded 770 Bitcoin futures contracts so far today, smashing Wednesday’s all-time high of 590. The Bakkt Volume Bot on Twitter calculates that the platform is on track to reach fresh highs.
∙ Today's volume so far: 770 BTC
∙ Last traded price: $8,500.00
∙ Trading day progress: 42% (if this continues: 100% equals to 1834 BTC)
— Bakkt Volume Bot (@BakktBot) October 25, 2019
On October 23, the number of Bakkt Bitcoin Monthly Futures soared to a record high of 590 contracts, Bakkt CEO Kelly Loeffler confirms.
Bakkt also reached another milestone with the physical deliveries of the exchange’s daily and monthly Bitcoin futures contracts.
On Thursday, Bakkt CEO Kelly Loeffler announced that the company will launch the first regulated options on its Bitcoin futures starting on December 9th.
“The Bakkt Bitcoin Options contract will be based on the benchmark Bakkt Monthly Bitcoin Futures contract and represents another important step in developing this asset class for institutional investors, their customers and investors.”
According to the announcement, the new contract was developed after reviewing customer feedback and is meant to serve as a hedge or gain exposure to Bitcoin while generating income.
Loeffler says that ICE Futures US has self-certified the contract with the Commodity Futures Trading Commission (CFTC). She further notes that since launching Bakkt Bitcoin Futures on Septemeber 22, the exchange has been working with market participants to create liquidity, enhance market transparency and develop open interest.
Bakkt trading volumes are soaring as Bitcoin, the world’s most popular cryptocurrency, rebounds, surging over $1,000 to $8,575 following yesterday’s performance when BTC bottomed at $7,486.