In an interesting turn of events and much to the dismay of the Bitcoin community, the world’s number one coin lost more than $500 in under a few minutes. While that is generally bad news for most investors, the institutional ones decided to apply the age-old rule of buying heavy when prices are low, making significant purchases.
This buying frenzy was seen quite visibly on Bakkt as trading volume on the platform began to surge. A $500 drop at the time represented a 9% crash and shortly before the crash, the Bakkt Volume Bot – an account dedicated to tracking Bakkt’s trading activity in realtime – showed that at a 14% day progress, the platform had only traded 8 BTC but had a 58 BTC forecast.
Interestingly, shortly after the day’s progress was at 26%, Bakkt’s trading volume had surged and hit a whopping 296 BTC, setting a new all-time high from Oct 9 when trading surged almost 800%, hitting 224 BTC. At the time trading volume hit 296 BTC, the forecast also surged multiple times from 58 BTC to 1139 BTC.
At the time of writing, today’s volume had hit 108 BTC as at two hours ago, with $7,447 as the last traded price according to the Bakkt Volume Bot at an 18% trading day progress. It’s however important to note that 4 hours before that, at just 3% progress, the Bakkt platform had traded 92 BTC with a forecast set at a huge 3067 BTC. Hopefully, there’s a chance a new heavy all-time high is on the way again, after one was set for yesterday’s total at 640 BTC.
Image Credits: Pixabay